The corporate had earlier laid off 20% of its workforce amidst industry headwinds in the summertime of 2022.
BlockFi said it plans to reveal assets and liabilities, in addition to statements of certain payments made by the platform to insiders and other parties prior to its bankruptcy filing in November.
In the most recent update, the embattled crypto lending announced it might file each its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023.
“BlockFi looks forward to continuing its open dialogue with the UCC, U.S. Trustee, and all stakeholders in its chapter 11 cases. More information related to the Claims Process and the filing of Proof of Claims will probably be sent to clients at the suitable time. Please note that, right now, no deadlines have been set.”
- In a presentation filing for its stakeholders, BlockFi reportedly reached out to 106 domestic and
international potential buyers shortly after its first bankruptcy hearing in November. It now plans to file a motion searching for approval of bidding procedures on January thirtieth. - It also clarified that the management team didn’t withdraw any crypto-asset from the platform after October 14, 2022, nor any of its members made a withdrawal greater than 0.2 BTC in value at any time after August 17 of the identical yr.
- Throughout 2022, BlockFi’s retail withdrawals accounted for a complete of $7.7 billion. The management team’s withdrawals represent 0.15% of that total volume.
- BlockFi said the team deployed their personal assets on the platform to trade, earn interest, and store different under the identical terms of service as clients.
- 2022 has been brutal for several corporations, including BlockFi. FTX did offer a $400 million loan to the corporate and was close to buying it in July, however the spectacular collapse of SBF’s crypto empire dragged BlockFi into chapter 11.
- More recently, BlockFi’s attorneys notified the bankruptcy court that its executives repaid an investor $15 million to settle a threatened lawsuit over the lender’s collapsing equity value in mid-2022.
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