BlockFi announced on November 28 that it had filed for Chapter 11 bankruptcy. The corporation and its eight subsidiaries are the subjects of a bankruptcy application to the United States Bankruptcy Court for the District of New Jersey. People have been discussing FTX’s finances for days after the company’s collapse.
According to a release, BlockFi has $256.9 million in cash. To “keep employee salary and benefits in place without delay,” it has filed the proper documents. It has also created a strategy to minimize costs and “create a Key Employee Retention Plan to ensure the company stays strong.”
This message also includes news that BlockFi International has submitted a bankruptcy request to the Supreme Court of Bermuda.
Latest NFT News, Trendings and Tutorials, right at your inbox, every Monday Leave this field empty if you're human:Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r
— BlockFi (@BlockFi) November 28, 2022