BlockFi is a digital asset lender founded by Zac Prince and Flori Marquez in 2017. It is based in
Jersey City, New Jersey
Jersey City is the second-most populous city in the U.S. state of New Jersey, after Newark.[FTX
FTX Trading Ltd., commonly known as FTX (short for "Futures Exchange") is a bankrupt company that formerly operated a cryptocurrency exchange and crypto hedge fund. The exchange was founded in 2019 and, at its peak in July 2021, had over one mi ...]
made a deal with an option to buy BlockFi for up to $240 million. The deal included a $400 million credit facility for the company.
In November 2022, after the declaration of
bankruptcy by FTX, the company halted withdrawals on its platform. The firm disclosed "significant exposure" to FTX on November 14. The next day,
the ''Wall Street Journal'' reported that BlockFi would likely file for bankruptcy, which was reaffirmed by reports compiled by
Bloomberg News. On November 28, BlockFi confirmed the reports and officially filed for
Chapter 11 bankruptcy protection with more than 100,000 creditors, according to filings. In March 2023, following the
collapse of Silicon Valley Bank, the
U.S. Trustee watchdog overseeing BlockFi's bankruptcy revealed that BlockFi had around $227 million in uninsured funds at the bank.
References
External links
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2017 establishments in New Jersey
Companies based in Jersey City, New Jersey
Cryptocurrency companies
Companies that filed for Chapter 11 bankruptcy in 2022
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