Yet another crypto firm has filed for bankruptcy, this time the cryptocurrency lending business BlockFi.
The news comes just weeks after the epic, which had agreed to rescue BlockFi last summer amid its own troubles. Once FTX collapsed, BlockFi appeared doomed to go down with it.
In a statement announcing the bankruptcy filing, BlockFi said the maneuver was intended to stabilize the business. “BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders,” said Mark Renzi, the company’s financial adviser.
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