Lending Firm BlockFi to File for Bankruptcy and Announce Major Layoffs

Lending Firm BlockFi to File for Bankruptcy and Announce Major Layoffs

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The sudden crash of the FTX exchange has led to many crypto firms facing liquidity issues. According to a report, BlockFi will be joining the list of firms that file for creditors protection today.

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BlockFi to File for Creditors Protection

Crypto lending firm BlockFi is reportedly filing for creditors protection as well as conducting major staff layoffs, Decrypt report.

As per the report, BlockFi will file for bankruptcy protection today according to a source at the firm.

Earlier this month, BlockFi announced that it is pausing withdrawals on its platform citing the collapse of FTX as the reason for the move.

“We, like the rest of the world, found out about this situation through Twitter,” BlockFi wrote at that time. “We are shocked and dismayed by the news regarding FTX and Alameda.”

The report also stated that the firm was looking to announce major layoffs very soon.

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