The FTX contagion has just claimed another crypto firm. BlockFi will file for Chapter 11 bankruptcy protection later today, a source at the company tells Decrypt. The crypto lender is also laying off a large portion of its staff, the source said. BlockFi, which let users earn yield for depositing idle cryptocurrencies on the platform, first halted withdrawals on November 11, the same day FTX filed for bankruptcy. “We, like the rest of the world, found out about this situation through Twitter,” BlockFi wrote in a letter at that time. “We are shocked and dismayed by the news regarding FTX and Alameda.” Nearly a week ... (full story)

Crypto company BlockFi filed for bankruptcy protection. The company made the filing in New Jersey, according to a release. BlockFi has US$256.9 million in cash on hand, which is expected to provide sufficient liquidity to support certain operations during the restructuring process. “With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the Company,” said Mark Renzi of Berkeley Research Group, the company’s financial advisor. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks ... (full story)