Bankrupt Crypto Firms FTX And BlockFi Given Green Light To Negotiate Settlement
In a significant development, US Bankruptcy Judge Michael Kaplan has made a ruling to lift the stay suit, enabling the resumption of trial proceedings in the ongoing legal dispute between cryptocurrency lender BlockFi and failed crypto exchange FTX. According to recent reports, the decision paves the way for BlockFi and FTX to engage in mediation […]
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Bankrupt crypto lender BlockFi has moved to recover several assets in a bid to settle its customers as part of its ongoing bankruptcy proceedings. And the company is standing firm that its customers should take priority over fellow bankrupt company FTX. BlockFi Responds To FTX’s Claims In a filing dated August 21, BlockFi objected to […]
Bankrupt digital asset lender BlockFi has filed a court petition requesting permission to convert the Trade Only assets of its users to stablecoins, thus allowing the withdrawal of these tokens. This development marks the company’s latest effort to repay its creditors. Related Reading: SEC Temporarily Waives $30M Fine, Demands BlockFi Pays Investors BlockFi Moves To […]
The crypto lender Blockfi detailed on Tuesday that the company secured a $250 million line of credit from FTX. Blockfi’s CEO Zac Prince announced on Twitter that the company will use the capital to bolster Blockfi’s “balance sheet and platform strength.”
Blockfi Obtains $250 Million Revolving Credit Line From FTX After Crypto Lending Firms Struggle With 2022’s Market Volatility
It’s been a rough year for crypto lenders due to digital assets losing significant value over the last few months. One lender, Celsius, has been accused of....
On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market.
Blockfi to Lay off ‘Roughly 20%’ of Its Workforce
Digital currency values are not that hot these days, and the crypto economy slipped below the $1 trillion region on....
The record-breaking $100-million fine could mark the dawn of a new era for crypto lending platforms. It might seem unlikely that BlockFi founder and CEO Zac Prince would describe a prosecution that resulted in a $100-million fine for his company as “a win not only for BlockFi but for the broader cryptocurrency industry,” but that is indeed what he said. And, he might be right, although it remains to be seen for now. The settlementFounded in 2017, BlockFi is a New Jersey-based crypto financial institution with a team of 850 and one million clients worldwide. Its popular BlockFi Interest....