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financialtimes OP t1_iy5238a wrote

BlockFi has filed for Chapter 11 bankruptcy, making the crypto lender backed by Peter Thiel’s venture capital firm the latest casualty of the fallout from the collapse of Sam Bankman-Fried’s FTX exchange.
The filing marks an unravelling several months in the making for New Jersey-based BlockFi, led by chief executive Zac Prince, which was valued at $4bn in a fundraising round last year. In July, it suffered losses on loans to the collapsed crypto hedge fund Three Arrows Capital, leading to a bailout this summer from Bankman-Fried. But FTX itself collapsed earlier this month, prompting BlockFi to pause lending and customer withdrawals.
Now the lender is the latest once high-flying crypto company to come crashing to earth as the collapse of Bankman-Fried’s crypto empire sends ripples through the digital assets industry.

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doublejay1999 t1_iy52srk wrote

well as i live and breath ! the FT posts on WSB.

suck that WSJ. the pink lovely knows where the real action is.