The Fly

Crypto lender BlockFi files for bankruptcy amid FTX ‘entanglement,’ NYT says

Amid the troubles for Sam Bankman-Fried’s, FTX, "the embattled" crypto exchange, BlockFi, a cryptocurrency lender who serviced "ordinary investors eager for a piece of the crypto mania, filed for bankruptcy on Monday," writes Lauren Hirsch, David Yaffe-Bellany and Ephrat Livni for the NY Times. According to the NY Times story, The company said in court filings it had more than 100,000 creditors, as well as $10 billion in assets and liabilities. It also said it would reduce expenses considerably, including labor costs. It employed 850 people as of last year. Reference Link

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