BlockFi Follows FTX Into Bankruptcy

The company announced that it was filing for Chapter 11 bankruptcy protection, indicating that it hoped to restructure while continuing operations. BlockFi, according to a press release, has approximately $257 million in cash on hand. A Bermuda-based subsidiary has also filed for liquidation, which is a similar procedure.

BlockFi's executives estimate the company has more than 100,000 creditors and checked off the ranges in the petition. According to executives, the company's assets and liabilities total between $1 billion and $10 billion.

West Realm Shires Inc., the legal name for FTX US, has a $2XX million unsecured claim against the company...
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