BlockFi Set To Appear In US Bankruptcy Court

November 29, 2022

Newly-bankrupt US crypto lender BlockFi is set to make its first appearance in US Bankruptcy Court.

BlockFi will defend the company infront of U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey.

On Monday, BlockFi filed for bankruptcy in the wake of FTX, the embattled exchange whose recent downfall has shaken the crypto industry to its core.

It owes money to more than 100,000 creditors, BlockFi said in its bankruptcy filing.

Earlier in November, BlockFi paused withdrawals from its platform amid uncertainty about FTX's stability.

Two of BlockFi's largest competitors, Celsius Network and Voyager Digital, have already filed for bankruptcy Chapter 11.

BlcokFi had sold a portion of its crypto assets earlier in November to fund its bankruptcy, and it entered bankruptcy with $256.5 million in cash on hand.