The crypto lender is just the latest domino to collapse among the fallout from Sam Bankman-Fried’s failed attempts to rule the crypto scene.
it was declaring Chapter 11 bankruptcy, otherwise known as reorganizational bankruptcy, to “protect clients and the company,” according to Mark Renzi, a director at BlockFi’s financial advisor Berkeley Research Group.indicate they have between $1 and $10 billion in assets and between $1 and $10 billion in liabilities. Of the claims on BlockFi, Ankura Trust Company—which offers lines of credit to stressed companies—is owed over $729 million.
Ankura was acting as trustee for the site’s interest-bearing crypto accounts, according to the documents. Meanwhile FTX US, listed under its larger umbrella company West Realm Shires, has a $275 million claim.to pay the agency $100 million. The SEC has hounded companies like BlockFi for listing multiple crypto tokens, which the agency says are securities, without registering them with the SEC.
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