Crypto Lender BlockFi Files for Chapter 11 Bankruptcy Protection

Digital-asset lender BlockFi filed for Chapter 11 bankruptcy protection in New Jersey on November 28, 2022. According to a press release, BlockFi cited the downfall of cryptocurrency exchange FTX and its associated companies for pushing it over the edge, and said it has $256.9 million in cash on hand, which it plans to use to continue with ongoing operations during the restructuring process.