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As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed feedback as another platform fell during the current bear market. Despite BlockFi citing the FTX contagion as the reason for its bankruptcy filing, podcaster Matt Odell pointed out a different explanation. Odell wrote that the
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Newly-bankrupt crypto lending platform BlockFi has filed a lawsuit against Sam Bankman-Fried’s holding company Emergent Fidelity Technologies seeking his shares in Robinhood that were pledged as collateral earlier in November.The suit was filed on Nov. 28 in the United States Bankruptcy Court for the District of New Jersey just hours
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"BlockFi is not a custodian for Silvergate’s bitcoin-collateralized SEN Leverage loans, which to date have continued to perform as expected with zero losses and no forced liquidations. Silvergate has no investments in BlockFi," Silvergate said in the statement. Original Source
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The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares. As CoinDesk's Krisztian Sandor reported, CoinShares had proposed managing between 100 million and 500 million USDC and actively investing the money in a portfolio of
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On Nov. 28, 2022, the crypto lender Blockfi informed the public via a press release that the company has voluntarily petitioned for Chapter 11 bankruptcy protection. Blockfi is now one of many digital currency businesses dealing with significant financial hardships and bankruptcy proceedings in 2022. Blockfi Voluntarily Petitions for Chapter 11
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However, FTX itself filed for bankruptcy in the second week of November, after days of speculation about whether it was fully liquid. The questions were sparked by a CoinDesk report revealing that much of FTX sister company Alameda's balance sheet was composed of an exchange token, FTT, issued by FTX,
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BlockFi has paused withdrawals and customer deposits. Original Source
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As for chatter that all or even a majority of BlockFi's assets were held in custody – and therefore tied up for potentially a long time and perhaps even unrecoverable – the company said that is false. BlockFi, however, did acknowledge "significant exposure" in the form of obligations owed to
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Crypto Lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX's collapse. Source
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FTX US, the sources said, would pay an additional $25 million if, by Dec. 31, BlockFi wins an important regulatory clearance from the U.S. Securities and Exchange Commission for BlockFi Yield, a product that would generate interest on depositors’ crypto by lending the crypto out at a higher rate. Original Source
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