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BlockFi, a lender of digital assets, was given additional time to submit a bankruptcy exit plan by a New Jersey bankruptcy judge in the United States on April 19.The cryptocurrency lender filed for bankruptcy in November 2022 and has been reportedly granted a 48-day extension until May 15 to file
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Executives at the stablecoin issuer Circle and the bankrupt cryptocurrency lender BlockFi have been questioned by two members of Congress investigating the so-called “mutual backscratching arrangements” alleged to have taken place with the now-failed Silicon Valley Bank (SVB).On April 9, letters from Senator Elizabeth Warren and Representative Alexandria Ocasio-Cortez (AOC)
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They have also been asked to provide information about the alleged “coddling” of any of their executives or board members by SVB, including details about financial relationships between the executives and SVB, any trips executives took that were sponsored by SVB, and whether any executive ever raised a red flag
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Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year. According to a March 27 statement from California's financial watchdog, the Department of Financial Protection and Innovation (DFPI), its investigation discovered
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The decision, which is subject to a bankruptcy court’s approval, comes after a DFPI investigation found the now-bankrupt crypto lender “failed to provide timely notification” to borrowers that they could stop repaying their loans after the company had paused withdrawals on its platform. As a result, BlockFi’s California borrowers remitted
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The majority of the 6,376 mining rigs BlockFi sold to U.S. Farms & Mining are Bitmain Antminers, according to a previous filing. They are spread across the U.S. in Texas, Georgia, Kentucky and North Dakota, although the company also has some in Norway. About 400 of the machines had come
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Christine Okike said BlockFi remains safe and looked to access significant cash held with Silicon Valley Bank yesterday. Despite the Silicon Bank exposure, a BlockFi bankruptcy lawyer maintains that the digital asset lender is safe and in no immediate danger. The lawyer, Christine Okike, stated that the embattled New Jersey-based company also
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According to a lawyer representing the bankrupt crypto lender BlockFi Inc.,the company is in a stable financial position with access to ample cash reserves, despite having over $200 million in exposure to Silicon Valley Bank, Bloomberg reported.According to the report, BlockFi had $227 million invested in a money market mutual
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The New Jersey bankruptcy court had banned BlockFi from investing in secondary financial markets, according to a filing by U.S. Trustee Andrew Vara made on Friday. In a series of letters starting Feb. 17, Vara, a Department of Justice official responsible for bankruptcy matters, urged the lender to shift the
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BlockFi, a cryptocurrency lending platform, has been warned by the bankruptcy trustee that the $227m the company has in Silicon Valley Bank (SVB) may go against bankruptcy laws. This is because these funds are allegedly not protected by the Federal Deposit Insurance Corporation’s (FDIC) deposit insurance. It is because this amount
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