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As expected, BlockFi declares bankruptcy and blames the fall of FTX

As expected, BlockFi declares bankruptcy and blames the fall of FTX

BlockFi announced on November 28 that it had filed for Chapter 11 bankruptcy. The corporation and its eight subsidiaries are the subjects of a bankruptcy application to the United States Bankruptcy Court for the District of New Jersey. People have been discussing FTX’s finances for days after the company’s collapse.

According to a release, BlockFi has $256.9 million in cash. To “keep employee salary and benefits in place without delay,” it has filed the proper documents. It has also created a strategy to minimize costs and “create a Key Employee Retention Plan to ensure the company stays strong.”

This message also includes news that BlockFi International has submitted a bankruptcy request to the Supreme Court of Bermuda.

About Tiffany Ellis

She is a smiley curious writer from the USA. She loves Cryptocurrencies, Arts an also NFTs.

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