On Monday, crypto exchange BlockFi, and eight of its affiliates, initiated voluntary cases under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of New Jersey in order to stabilize its business and give the company the chance to complete a thorough restructuring transaction that maximizes value for all clients and stakeholders. The company will concentrate on collecting all debts due to BlockFi by its counterparties, including FTX.
BlockFi Commences Restructuring Proceeding to Stabilize Business
