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The Latest Breaking News from BlockFi

Crypto lender BlockFi files for Chapter 11 bankruptcy protection

The crypto lender is the latest casualty of FTX's contagion

Axios

FTX's implosion raise questions about Genesis, Crypto.com, and Silvergate

BlockFi is likely the just first of some big dominoes to fall in the wake of the FTX collapse. Here are some others to watch.

Fortune

“This is fraud:” Coinbase CFO says of FTX as more crypto fintechs get caught in contagion

Alesia Haas is trying to assure consumers that FTX was merely a bad actor and is not representative of the whole industry.

Fortune

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Size, scope of FTX failure gets clearer as users fear worst

Just days after cryptocurrency’s third-largest exchange collapsed, the public is starting to get a feel of how messy FTX’s bankruptcy case could be

The Independent UK

Crypto businesses brace for FTX aftershock

The knock-on effects of the exchange's unwinding are starting to show.

Axios

Binance boss says no one can be protected from a ‘bad player’

Changpeng Zhao announces plans for an industry ‘recovery fund’ for struggling crypto firms

The Guardian - UK

What's Going To Happen To All The Companies FTX Bought?

FTX founder and former CEO Sam Bankman-Fried announced via Twitter Friday that FTX US, FTX Trading, quantitative research firm Alameda Research and 130 additional affiliated companies to the FTX Group have commenced

Benzinga

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The FTX debacle makes SEC Chair Gensler look bad—again

Gary Gensler missed the biggest crypto collapse to date. It’s a bad look for the SEC and by extension the Democrats.

Fortune

Amid Uncertainty Over FTX Collapse BlockFi Suspends Withdrawals, Juul Shelves Bankruptcy Preparations, Berkshire Hathaway Trims Holdings In Tesla Competitor: Top Stories Friday, Nov. 11

Reuters

Benzinga

FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange

The Guardian - UK

Crypto's White Knight Needs A White Knight: Could The FTX/CZ Drama Be Sam Bankman-Fried's Fall From Grace?

FTX co-founder Sam Bankman-Fried was riding high for several years with his company rapidly growing market share in the cryptocurrency space. The increase in valuation for FTX helped Bankman-Fried’s wealth increase and also led to partnerships and deals with sports teams and athletes around the world.

Benzinga

5 New Jersey Fintechs Aiming To Make Your Financial Life Easier

While San Francisco and New York City may be the fintech capitals of America, New Jersey is quickly on the rise. According to the website Billtrust.com, many fintech companies are making the exodus from the Big Apple to the Garden State.

Benzinga

Crypto Lender Nexo Stays Ahead of Regulators With Minority Stake In Summit National Bank

Crypto lender Nexo recently acquired a minority stake in Summit National Bank.

Benzinga

Silent Wall Street Giant Wades Into Blockchain Tech

Ethereum (CRYPTO: ETH) rode the momentum of the upcoming Merge—which has been confirmed to begin September 6—to battle its way back to the 1,700 level this week.

Benzinga

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Bangkok Post

The 30-Year-Old Spending $1 Billion to Save Crypto

Crypto is ailing. Sam Bankman-Fried is betting a billion dollars he can fix it.

Benzinga

FTX Bails Out BlockFi, Has Option To Purchase For Up To $240 Million: What You Need To Know

After numerous days of conflicting reports leaving BlockFi investors and crypto watchers on edge, company CEO Zac Prince took to Twitter on Friday to announce that FTX signed a deal to bail out the embattled crypto firm.

Benzinga

FTX Reportedly Shopping BlockFi At 99.5% Discount, CEO Shoots Down $25M Figure

Imagine it is March 2021, and you’re leading a funding round where you’ve raised $350 million at a $3-billion valuation. Now it’s July 2021, and you’re to raise $500 million at an almost $5 billion valuation.

Bangkok Post

3AC defaults on loan worth $670m

Three Arrows Capital (3AC), a prominent crypto hedge fund, defaulted on a loan worth over US$670 million, prompting a steep fall in Bitcoin's price to below $21,000.

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news in one place.

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Benzinga

Crypto Exchange FTX In Talks To Acquire Stake In BlockFi After Extending $250M Credit Line: Report

The Terra (CRYPTO: LUNA) crash caused the crypto market to plummet more than 67% from its all-time high, brought about individual investors to lose billions of dollars and triggered liquidations of crypto enterprises that could not repay overcollateralized margin loans.

Benzinga

Crypto Bytes: Tuesday's Top Stories And Price Action

The worldwide cryptocurrency market capitalization is at $927 billion, up from $921 billion on Tuesday morning. The top gainer in the current trading session is Celsius (CRYPTO: CEL), trading more than 15% higher to $0.96.

Benzinga

BlockFi Received A $250M Revolving Credit Facility From FTX: Here's How It Will Help

BlockFi, a crypto lending firm, has confirmed a $250 million credit facility from FTX (CRYPTO: FTT).

Benzinga

Coffee And Crypto: What's The Price Of Bitcoin Tuesday?

The worldwide cryptocurrency market capitalization Tuesday is at $921 billion, up from $892 billion on Friday afternoon. Following an announcement that it would cut staff by 20%, BlockFi said this morning that it signed a term agreement with crypto lender and platform FTX to secure a $250-million revolving credit facility.

Bangkok Post

Investigating the crypto crash

The value of cryptocurrencies has plunged over recent days, with Bitcoin -- the largest coin by market cap -- sinking to its lowest point since 2020.

The Guardian - UK

Crypto exchanges Coinbase and BlockFi lay off hundreds of staff

Employees hit by cryptocurrency crash as bitcoin price has plummeted in recent weeks

Benzinga

BlockFi Lays Off 20% Of Workforce: 'Macroeconomic Environment Has Shifted Dramatically'

Zac Prince, CEO of cryptocurrency exchange and lender BlockFi, took to Twitter Inc (NYSE: TWTR) on Monday to announce the company intends to lay off 20% of its staff.

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