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Another new platform announces bankruptcy after significant exposure to FTX and Alameda



BlockFi, one of the largest holistic cryptocurrency platforms, just filed for bankruptcy today. This comes after a series of allegations that BlockFi was exposed to the collapse of FTX, and therefore, have no funds. However, BlockFi has continually denied these allegations. Albeit indirectly, BlockFi has denied having been exposed to the FTX collapse to that extent. According to Bitcoin Magazine, BlockFi is filing for Chapter 11 bankruptcy, this information was disclosed by an insider at the company.

The cryptocurrency world was in shock after the collapse of Sam Bankman-Fried’s cryptocurrency empire. Following the collapse of FTX and the +130 companies SBF owned, his partners began to collapse in a domino effect. Every day after November 11, news of a new company going bankrupt could be read. There were allegations that BlockFi had been planning to file for bankruptcy since the day FTX collapsed. However, BlockFi has claimed that they have the funds to keep their platform solvent at a good level. Today, however, they have filed for Chapter 11 bankruptcy in New Jersey.

BlockFi’s exposure to FTX

Just five days ago, BlockFi answered some frequently asked questions online. As BlockFi offers a wide range of financial services, users have been wondering about the fate of their funds on the BlockFi platform. For your information, BlockFi halted all trading in the second week of November following the FTX collapse. In this post, BlockFi admits that the company has significant exposure to FTX and Alameda. However, BlockFi claims that the platform does not hold 100% of customer deposits in FTX, as speculators claim.

Read also. Here are 3 key points from Vitalik Buterin’s vision for Ethereum presented at the EthCC cryptocurrency event.

The collapse of FTX started a new wave of transparency in the cryptocurrency industry. Today, some of the largest cryptocurrency companies have public proof of reserves. Binance, for example, has been careful to inform its users that it is fully solvent and has an emergency fund reserve of over $2 billion worth of Bitcoin, BUSD, BNB and Ethereum.

This article is presented in French in agreement with our partner
If you are an English speaker, you can find the original article in English at. Crypto Academy

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