BlockFi, a cryptocurrency exchange and lending platform, has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey. The filing includes BlockFi’s operating subsidiaries in the Cayman Islands and BlockFi Trading LLC in the U.S. However, BlockFi’s international exchange, BlockFi International Ltd., and its technology subsidiary, BlockFi Technologies Inc., are not included in the bankruptcy filing.
BlockFi’s financial troubles began last year with the collapse of crypto exchange FTX and its affiliate trading firm, Alameda Research. BlockFi had a close relationship with both companies, having received a $250 million credit line from FTX in July 2022 and Alameda held a large portion of BlockFi’s native token, BlockFi Token (BLFI).
After FTX filed for bankruptcy in November, BlockFi paused withdrawals and later announced plans to sell itself or raise funds to continue operating independently. However, the crypto exchange was unable to secure a deal or raise sufficient funds, leading to the Chapter 11 filing.
According to the filing, BlockFi has an estimated 100,000 creditors and total liabilities ranging from $1 billion to $10 billion, with assets in the same range. The filing also notes that BlockFi had 256,913 users with outstanding loan balances as of January 14, 2023, and that the outstanding principal balances on these loans amounted to approximately $415.9 million.
BlockFi’s Chapter 11 filing is the latest in a string of bankruptcies among major crypto firms following the collapse of FTX. Several other crypto exchanges, including Voyager Digital and Celsius Network, filed for bankruptcy last year.
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