In the first significant fallout from the collapse of FTX, cryptocurrency business BlockFi files for bankruptcy
Join Our Telegram channel to stay up to date on breaking news coverage As a result of the failure of crypto currency exchange FTX, another crypto currency company has collapse d: BlockFi has announced that it has filed for bankruptcy . Lender BlockFi was one of a select few businesses that FTX recently bailed out, and as FTX collapsed, its prospects significantly deteriorated. The once-dominant crypto firm FTX, which Sam Bankman-Fried formed in order to introduce regular people to the mysterious world of virtual currencies, filed for bankruptcy a little more than two weeks ago. Since then, the cryptocurrency sector, Wall Street, and even federal regulators have been watching for the next domino to fall and debating whether or not the end of cryptocurrencies is near or whether broader financial stability is in danger. BlockFi stated that the company will file for Chapter 11 reorganization in New Jersey, where its headquarters are, and that FTX’s own bankruptcy proceeding...