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BlockFi files for bankruptcy as FTX fallout continues

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The fallout from the collapse of Sam Bankman-Fried’s now bankrupt FTX empire continues with another digital assets startup, BlockFi Inc, announcing it has filed for Chapter 11 bankruptcy protection, according to a report by Pensions & Investments Online.

The fallout from the collapse of Sam Bankman-Fried’s now bankrupt FTX empire continues with another digital assets startup, BlockFi Inc, announcing it has filed for Chapter 11 bankruptcy protection, according to a report by Pensions & Investments Online.

In the filing, made in the United States Bankruptcy Court for the District of New Jersey, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion, including partners of Russian-born Israeli business tycoon Yuri Milner’s DST Global, Susquehanna Capital, Mark Yusko’s Morgan Creek Capital Management and the Winklevoss twins’ venture fund, according to Preqin data.

In the filing, the Jersey City headquartered company also listed an outstanding $275 million loan to FTX US and blamed its problems on the failed business. BlockFi reportedly owes its top 10 creditors close to $1.2 billion, among them .

Among them is the US Securities and Exchange Commission which is owed $30 million after BlockFi agreed to settle charges that it failed to register its products properly.

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