# @benzinga on Instagram

- **Type:** Image
- **Original URL:** https://www.instagram.com/p/Clg6Xf7KGNT
- **Gondola URL:** https://gondola.cc/posts/17862324-benzinga-instagram
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/thumbnails/d223fcadd7.jpg
- **Posted:** 2022-11-28T18:12:46.000+00:00
- **Account Owner:** Benzinga | News That Moves (@benzinga) — https://gondola.cc/benzinga

## Caption

The collapse of the world’s third largest cryptocurrency exchange FTX has claimed another victim, with crypto lender BlockFi filing for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey on Monday. Follow benzinga

In its bankruptcy filing, the company stated that it had liabilities and assets ranging from $1 billion to $10 billion and over 100,000 creditors.

On Nov. 11, the same day FTX filed for bankruptcy, BlockFi, which allowed users to receive yields for depositing dormant cryptocurrency on the platform, stopped allowing withdrawals.

“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 in a press statement.

“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," he added.

Sam Bankman-Fried's now bankrupt exchange, FTX US, owes $275 million to BlockFi, according to the filing.

According to BlockFi's bankruptcy filing, its biggest disclosed client has a balance of almost $28 million.

BlockFi, in its email to customers on Nov. 14, denied “rumors” that most of its assets were tied to FTX. Find the rest of the story on benzinga.com, link in bio. benzinga
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## Tags

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