Cryptocurrencies BlockFi facing bankruptcy, layoffs from FTX exposure: report
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BlockFi also appeared to throw shade at FTX, saying,"We, like the rest of the world, found out about this situation through Twitter." This is surprising considering FTX had recently played the role of their savior, extending the embattled lender a $400 million credit facility in July to help stave off the bankruptcy faced by rivals Celsius and Voyager.
FTX, FTX.US and Alameda Research filed for bankruptcy on Friday without disclosing which other crypto firms’ holdings were stranded on their exchange. There were reports on Friday that BlockFi had retained bankruptcy counsel as well. In a blog post on Monday, BlockFi wrote that “rumors that a majority of BlockFi assets are custodied at FTX are false,” but they conceded that they were still very exposed, including “obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US.” The company asked clients to continue refraining from making deposits to BlockFi Wallet or Interest Accounts until further notice.
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