Silvergate to return $9.85M deposit to BlockFi
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The two companies set up a reserve agreement prior to the latter's bankruptcy.
The company had earlier laid off 20% of its workforce amidst industry headwinds in the summer of 2022.
The bankrupt crypto lender will publish its assets, liabilities and statement of financial affairs on Wednesday.
Soon after it filed for bankruptcy protection, BlockFi sued SBF over shares he allegedly pledged to the lender as collateral, according to the Financial Times.
Here is a timeline of the major crypto bankruptcies in the past six months.
BlockFi is the latest crypto firm to file for bankruptcy following the collapse of Sam Bankman-Fried's crypto empire.
In its bankruptcy filing, BlockFi claimed more than 100,000 creditors, and liabilities ranging from $1 billion to $10 billion.
The business claimed that it was unable to conduct business as usual due to “a lack of clarification on the status of FTX.com, FTX US, and Alameda.”
Several top-tier crypto lending platforms have found themselves in a pickle lately. BlockFi is affected by the recent bankruptcy filing ...