• BlockFi files for Chapter 11 bankruptcy. BlockFi owes some $275 million to FTX, according to bankruptcy filings. BlockFi has over 100,000 creditors and over $10 billion in assets and liabilities, far eclipsing the roughly $257 million in cash on hand to support its business through bankruptcy proceedings. The company says it will significantly reduce its headcount to cut costs as it navigates bankruptcy. Read more here.
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