After FTXs spectacular collapse, crypto firm BlockFi filed for Chapter 11 bankruptcy in the US. The digital asset lender was valued at $4.5B ($3B) in valuation. In a statement, BlockFi confirmed that BlockFi Inc. and eight of its subsidiaries had filed for Chapter 11 voluntary bankruptcy. BlockFi International has also filed for bankruptcy in Bermuda.
BlockFi has been on the verge of bankruptcy and warned two weeks ago that it was exploring a bankruptcy filing. It also suspended withdrawals and restricted activity on its platform. Earlier this year, it was saved from going bankrupt by FTX, giving the firm access to US$600m ($400m) worth of loans.