Following days of speculation, BlockFi has announced it will be filing for bankruptcy.
“Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients. These Chapter 11 cases will enable BlockFi to stabilize the business and provide BlockFi with the opportunity to consummate a reorganization plan that maximizes value for all stakeholders, including our valued clients.
The company also tweeted, “As part of our restructuring efforts, we will focus on recovering all obligations owed to BlockFi by counterparties, including FTX.” In the list of top 50 creditors filed in the court documents, unsecured claims range from $275 million to West Realm Shires Inc. to $999,650 to an unidentified creditor. It showed a debt of $30 million to the U.S. Securities and Exchange Commission.for $100 million in February for filing to register accounts the SEC deemed securities. West Realm Shires and the SEC were the only creditors listed by name in the document.
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