BlockFi ($BLOCKFI.P) is filing for bankruptcy today, says the crypto news site Decrypt citing their source.
BlockFi is another one of the many entities to collapse following FTX’s fall. But BlockFi had an ugly 2022 even before Luna’s ($LUNC.X) or FTX’s death. ‘
In February 2022, BlockFi settled with the SEC and 32 States over its crypto lending business and paid an industry record of $100 million.
A different kind of contagion followed that fallout, with other crypto lenders and crypto earners like Nexo ($NEXO.X) suspending all rewards and interest for U.S. customers. 😥