The crypto lender is on the cusp of filing for bankruptcy, according to a recent report
Last week, BlockFi paused customer withdrawals in the aftermath of the FTX mayhem. The company asked customers not to submit any new deposits. The Terra-induced liquidity crisis BlockFi for roughly $240 million, which was the high end of the price range.
BlockFi also took a $400 million line of credit from the trading platform. The company was hit hard by the Terra-induced liquidity crisis. As reported by U.Today, FTX Group, which includes the U.S. subsidiary, filed for bankruptcy last week. The collapse of the cryptocurrency empire sent shockwaves across the crypto market.
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