Beleaguered crypto lender BlockFi is the latest platform to be pulled under following the collapse of crypto titan, FTX. BlockFi announced today (Monday) that it would file for chapter 11 bankruptcy, explaining it had "significant exposure to FTX." BlockFi ran into trouble in the summer following the failure of crypto hedge fund Three Arrows Capital. At that time, FTX stepped in and offered a $250 million line of credit to help the company survive. Unfortunately, it is now clear that FTX wasn't in a position to bail out other crypto companies and likely didn't even have the internal systems in place to sustain itself.

https://www.fool.com/the-ascent/cryptocurrency/articles/blockfi-files-for-bankruptcy-what-it-means-for-investors/

#fool