BlockFi Sold $239 Million of Crypto, Warned of Job Cuts Before Bankruptcy

Nov 29,2022
KingData News: BlockFi Inc. sold about $239 million of its own cryptocurrency and warned almost 250 workers that they would lose their jobs in the run-up to its Chapter 11 bankruptcy filing, court papers show. BlockFi sold the holdings to cover expected bankruptcy expenses and isn’t planning on taking out a loan to help fund itself while under court protection, company adviser Mark Renzi said in a sworn statement filed in court Monday.
Cryptocurrency lending company BlockFi filed for bankruptcy protection and has fired most of its employees, according to a Nov. 28 news release. As previously reported, BlockFi was facing a liquidity crisis due to its large exposure to FTX.