According to media reports, people informed of the matter revealed on November 16th that digital currency lender BlockFi has suspended customer withdrawals and is preparing to file for bankruptcy.
It is reported that BlockFi has close ties with FTX, which had provided BlockFi with a US$400 million revolving credit quota in July this year with the intention of acquiring the company. And BlockFi had provided a loan to Alameda Research, which had gone bankrupt.
According to informed sources, BlockFi has been cooperating with Kenric Kattner, a bankruptcy partner at Haynes & Boone, in recent days. As of 2021, BlockFi has US14 billion to US14billiontoUS20 billion in customer deposits and has lent out US$7.5 billion. The value of these deposits may also decline due to the fall in digital currency prices. The sudden disintegration and subsequent bankruptcy of FTX are causing repercussions across the digital asset sector. In addition to BlockFi, which is closely related, Genesis, another digital currency exchange, is currently suspending customer withdrawals and new loan issuance and is exploring various solutions.
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