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BlockFi cryptocurrency company is the latest casualty in the crypto business following the collapse of Sam Bankman-Fried’s FTX Bahamas-based company. It filed for bankruptcy protection on Monday, Nov. 28, and announced the start of a restructuring proceeding.
BlockFi will restructure to stabilize its business while also boosting value for all of its shareholders and clients. It has voluntarily filed for Chapter 11 as a way of protecting and preserving client value and be on its way to recovery.
As per CNN Business, it is unfortunate, but job cuts will be part of the restructuring. The company did not say how many staff are affected but said only stated that it “initiated an internal plan to considerably reduce expenses, including labor costs.”
Moreover, to make sure that the transition into Chapter 11 would be smooth, the crypto company is reportedly filing a number of customary motions with the court. These motions will allow BlockFi to continue its business operation even under bankruptcy.
With the restructuring process, BlockFi will also work on getting back all obligations owed by counterparties to the company, such as FTX and other associated corporate groups. Then again, since FTX is also bankrupt, BlockFi is already expecting a delay in its recovery efforts.
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,” BlockFi’s financial advisor, Mark Renzi of Berkeley Research Group, said in a press release.
He added, “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”
Meanwhile, prior to the bankruptcy filing, the New-Jersey crypto firm announced on Nov. 10 that suspended withdrawals from its customers. At that time, BlockFi said this was because of the company’s “significant exposure” to FTX exchange and its sister hedge fund Alameda.
In the latest development, Financial Times reported that BlockFi sued FTX’s founder, Sam Bankman-Fried, over shares at Robinhood. It lodged a complaint against the “Crypto King” amid its own bankruptcy protection filing to seize the shares which Bankman-Fried pledged as collateral just a few days before the collapse of FTX.
