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However, the court has objected to the BlockFi request noting that every penny used to pay employees denies the creditors their right to be reimbursed.Distressed cryptocurrency lender BlockFi has filed with the bankruptcy court in the District of New Jersey wanting to get bonuses approval for retaining experienced employees. According
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Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports.In a Bloomberg report on Jan. 24, two people “familiar with the matter” claim that BlockFi started the process of selling off
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Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings.In a Jan. 23 declaration for United State Bankruptcy Court in the District of New Jersey, Crowell said without giving certain financial incentives, BlockFi might
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Bitcoin (BTC) mining company Bitfarms has unveiled plans to modify an existing loan agreement with BlockFi — a move the company said would reduce its indebtedness amid the bear market.On Jan. 13, Bitfarm disclosed that it is working with creditors to modify a loan agreement for Backbone Mining Solutions, or
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The outsanding $20 million are secured by only $5 million. Original Source
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Andrew Vara, a U.S. Department of Justice official responsible for bankruptcy cases, argued in a separate Tuesday filing to the New Jersey bankruptcy court that “disclosure is a basic premise of bankruptcy law,” needed to avoid any suggestion of impropriety – echoing arguments he has previously made in the case
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Crypto lending firm BlockFi has announced it will disclose information on its assets and liabilities as well as payments received prior to its bankruptcy filing in November.In a Jan. 9 Twitter thread, BlockFi said it had filed a presentation for its stakeholders detailing plans for future court filings and a
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Sussberg said the company plans to file its assets and liabilities, along with a statement of financial affairs (SOFA) on Jan. 11, which the BlockFi later confirmed via its Twitter account. Shortly after the first hearing in November last year, the company also kicked off a sale process and has
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Instead of waiting for a lengthy bankruptcy process, some investors, who have claims on FTX exchange, Celsius Network, BlockFi and Voyager Digital, are looking to pass on their claims to others. Data from crypto claims trading startup Xclaim shows that there are at least hundreds of investors who have been affected
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