Crypto Markets Today: BlockFi Files for Bankruptcy Protection
-
Crypto Markets Today: BlockFi Files for Bankruptcy Protection, MakerDAO Rejects $500M Proposal to Invest in Bonds and BTC Slides
Crypto prices dropped amid continued market contagion triggered by the FTX collapse earlier this month.
Crypto lender BlockFi filed for bankruptcy protection Monday, indicating it hoped to restructure, continuing operations in the meantime.
This article originally appeared in Crypto Markets Today, CoinDesk’s daily newsletter diving into what happened in today's crypto markets. Subscribe to get it in your inbox every day.
BlockFi has about $257 million in cash on hand and a Bermuda-based affiliate is also filing for liquidation in a similar process, according to a press release.
According to the company's petition, BlockFi's executives estimate the company has more than 100,000 creditors, and checked off the ranges. Executives estimate the company has between $1 billion and $10 billion in both assets and liabilities.
The company's largest creditors include West Realm Shires Inc., the legal name for FTX US, which has a $275 million unsecured claim, and the Securities and Exchange Commission (SEC), which has a $30 million unsecured claim. The majority of the other top 50 creditors' names were not shared.https://datastudio.google.com/s/gMj5sFQ_Vwg
https://datastudio.google.com/s/tycwbAJngqE
https://datastudio.google.com/s/uI1aCj1qW5s
https://datastudio.google.com/s/qpuQ5W0mnIM
https://datastudio.google.com/s/vZmL6SGmgDM
https://datastudio.google.com/s/pkZrYmfqsDU
https://datastudio.google.com/s/ppKv-bdjV8E
https://datastudio.google.com/s/o9DILYjeuv8
https://datastudio.google.com/s/scnNVKdyolM
https://datastudio.google.com/s/lMUlMiZY4_8
https://datastudio.google.com/s/lwmRD_NfV_c
https://datastudio.google.com/s/rCeQx0xBWzM
https://datastudio.google.com/s/vi_qbyLxhGU
https://datastudio.google.com/s/gMWzQnW152k
https://datastudio.google.com/s/go_jIkKtcLI
https://blogmypost.com/crypto-markets-today-blockfi-files-for-bankruptcy-protection/
https://party.biz/forums/topic/149743/crypto-markets-today-block-fi-files-for-bankruptcy-protection/view/post_id/607711
https://dailybusinesspost.com/crypto-markets-today-blockfi-files-for-bankruptcy-protection/
https://www.banditroom.site/crypto-markets-today-blockfi-files-for-bankruptcy-protection/
https://articlenetwork.site/crypto-markets-today-blockfi-files-for-bankruptcy-protection/
A rocky year: BlockFi, which suspended withdrawals a few weeks ago due to the ongoing confusion about FTX's assets, has faced a lot of setbacks. The company liquidated a large client earlier this year, and it needed a line of credit from FTX to survive.
The lender was set to raise funding at a $1 billion down round valuation in June, after raising $350 million at a $3 billion valuation in March 2021. As recently as July 2021, the company was looking to go public within the next 18 months, with a potential $500 million fundraise coming soon.
Other Newshttps://stockhouse.com/companies/bullboard?symbol=v.enw&postid=35137188
Bitcoin (BTC) slid around 2% amid news that crypto lender BlockFi had filed for bankruptcy protection earlier in the day. The largest cryptocurrency by market capitalization was trading around $16,200, down 1.9% in the past 24 hours.The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares. As CoinDesk's Krisztian Sandor reported, CoinShares had proposed managing between 100 million and 500 million USDC and actively investing the money in a portfolio of corporate debt securities and government-backed bonds with the aim of returning a yield matching the Secured Overnight Financing Rate. On Monday, some 72% of votes were cast against the proposal.
Equity markets fell amid widespread protests against Covid lockdowns in China. The S&P 500 index dropped by 1.5% at closing. The Nasdaq Composite and Dow Jones Industrial Average closed down 1.5% and 1.4%, respectively. -
Carpet Dyeing Company - DyeBold
DyeBold is a licensed and certified carpet dyeing company always ready to serve you with premium quality carpet dyeing and restoration facilities. We do not only take the responsibility of dyeing your carpets and rugs. You can also contact us if you want restoration and side match services from our experienced professionals. Customer satisfaction is the biggest achievement of our company.