BlockFi Plans To File For Bankruptcy Protection

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BlockFi plans to file for bankruptcy because of its significant exposure to FTX, Alameda Research and FTX’s bankruptcy proceedings. The company had previously halted customer withdrawals.According to the Wall Street Journal, people familiar with the matter said that BlockFi, a cryptocurrency lender, is currently preparing to lay off employees and may be planning to file for bankruptcy protection.As per previous news, BlockFi announced a halt to withdrawals last week as the uncertainty surrounding FTX prevented their company from operating as it should. On Monday, the company updated customers that FTX (and its affiliates) are bankrupt. It is in everyone’s best interest to keep the platform down and continue collecting all debts. Due to FTX’s bankruptcy proceedings, however, debt recovery may be delayed. However, debt recovery is expected to be delayed as FTX’s bankruptcy proceedings are still ongoing. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuWebsite: coincu.comFoxyCoinCu NewsTags: # Cryptocurrencies#MarketsAlameda ResearchbankruptcyBlockchainBlockFicryptoFTXlending platformliquidationSam Bankman-Friedwithdrawals