{"id":14911,"date":"2022-11-28T19:51:54","date_gmt":"2022-11-28T19:51:54","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/crypto-lender-blockfi-files-for-bankruptcy-protection-to-maximize-value-for-all-clients-bitcoin-news\/"},"modified":"2022-11-28T19:51:54","modified_gmt":"2022-11-28T19:51:54","slug":"crypto-lender-blockfi-files-for-bankruptcy-protection-to-maximize-value-for-all-clients-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/crypto-lender-blockfi-files-for-bankruptcy-protection-to-maximize-value-for-all-clients-bitcoin-news\/","title":{"rendered":"Crypto Lender Blockfi Files for Bankruptcy Protection to ‘Maximize Value for All Clients’ \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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On Nov. 28, 2022, the crypto lender Blockfi informed the public via a press release that the company has voluntarily petitioned for Chapter 11 bankruptcy protection. Blockfi is now one of many digital currency businesses dealing with significant financial hardships and bankruptcy proceedings in 2022.<\/strong><\/p>\n

Blockfi Voluntarily Petitions for Chapter 11 Bankruptcy Protection<\/h2>\n

Blockfi has officially filed for bankruptcy protection according to a press release<\/a> distributed on Monday morning at 10:17 a.m. (ET). The Chapter 11 bankruptcy filings encompass the crypto lender Blockfi and eight of its affiliates.<\/p>\n

The crypto firm insists the plan is to \u201cstabilize its business and provide the company with the opportunity to consummate a comprehensive restructuring transaction that maximizes value for all clients and other stakeholders.\u201d Blockfi has cited the FTX collapse as a period when the company took steps to protect Blockfi customers.<\/p>\n

On Nov. 10, 2022, Bitcoin.com News reported<\/a> that Blockfi had paused withdrawals and the firm also cited FTX in that specific announcement. Months prior it was assumed that FTX would be buying Blockfi as the company\u2019s CEO said<\/a> in July that the exchange had an \u201coption to acquire\u201d the crypto lender.<\/p>\n

\u201cWith the collapse of FTX, the Blockfi management team and board of directors immediately took action to protect clients and the company,\u201d the company\u2019s financial advisor Mark Renzi detailed. \u201cFrom inception, Blockfi has worked to positively shape the cryptocurrency industry and advance the sector. Blockfi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.\u201d<\/p>\n

Compute North, Voyager Digital, Celsius, Three Arrows Capital, and FTX have all filed for bankruptcy protection after dealing with financial problems. Numerous problems are reportedly associated with over-leveraged assets and the Terra blockchain implosion that took place six months ago.<\/p>\n

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Bankruptcy<\/a>, Bankruptcy announcement<\/a>, Bankruptcy Filing<\/a>, Blockfi<\/a>, Blockfi Bankruptcy<\/a>, Blockfi CEO<\/a>, Celsius<\/a>, Chapter 11<\/a>, compute north<\/a>, crypto businesses<\/a>, Financial Issues<\/a>, financial problems<\/a>, Financial Troubles<\/a>, ftx<\/a>, Mark Renzi<\/a>, Terra blockchain implosion<\/a>, Three Arrows Capital<\/a>, Voyager Digital<\/a><\/div>\n<\/div>\n

What do you think about Blockfi filing for Chapter 11 bankruptcy protection? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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