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Blockfi

All articles tagged with #blockfi

cryptocurrency2 years ago

Sam Bankman-Fried's Trial: Testimony, Fraud Allegations, and Management Concerns

Sam Bankman-Fried, former CEO of FTX, testified at his trial that he declined requests for help from Digital Currency Group's Genesis subsidiary and Celsius, both of which later filed for bankruptcy. Bankman-Fried stated that he passed on providing equity capital to Genesis during the crypto market downturn, and he also rejected an emergency funds request from Celsius. These revelations come as Bankman-Fried faces charges of criminal fraud and conspiracy.

via CoinDesk|
#barry-silbert#blockfi#cryptocurrency
cryptocurrency2 years ago

SEC Delays $30M BlockFi Penalty to Prioritize Investor Repayment

The SEC has agreed to waive a $30 million fine from BlockFi until investors are repaid. The sum is what's left over from a $50 million penalty owed to the SEC by BlockFi to settle charges of failing to register with the regulator for the offering and sale of its crypto lending product. BlockFi filed for bankruptcy in November following the collapse of crypto exchange FTX. A New Jersey bankruptcy court judge said BlockFi customers can be repaid $300 million in funds held in custodial wallets on the platform.

via CoinDesk|
#bankruptcy#blockfi#crypto-lending
cryptocurrency2 years ago

BlockFi to Shut Down Crypto Lending Platform.

BlockFi, a bankrupt cryptocurrency lender, plans to liquidate its cryptocurrency lending platform after concluding that selling the business to a new owner wouldn’t generate enough value for its creditors. The company owes nearly $1.3 billion to its top 50 creditors, and after engaging with potential buyers, it concluded that a sale might not generate meaningful value for creditors. The success or failure of pending litigation against its commercial counterparties will make a difference in excess of $1 billion to clients. BlockFi believes its proposed liquidation plan is the fastest way to return the funds in digital-wallet accounts to customers.

via Fox Business|
#bankruptcy#blockfi#creditors
cryptocurrency2 years ago

BlockFi to Liquidate Crypto Lending Platform.

Cryptocurrency lender BlockFi plans to liquidate its cryptocurrency lending platform after determining that selling the business to a new owner wouldn't generate enough value for its creditors. The company outlined its chapter 11 plan of reorganization, which will be sent to creditors for a vote. The amount clients will recover largely depends on the outcome of pending litigation.

via The Wall Street Journal|
#bankruptcy#blockfi#creditors
cryptocurrency2 years ago

Warren and AOC Probe SVB's Ties with Tech Clients and Investors

Senators Elizabeth Warren and Alexandria Ocasio-Cortez have sent letters to crypto companies Circle and BlockFi, among others, asking why they banked at Silicon Valley Bank (SVB), which recently collapsed. The lawmakers are looking for more information on the "mutual backscratching dynamic" between SVB and venture capitalists, in which the bank treated VCs and other high-rolling depositors to extensive lines of credit and luxurious "white glove" services. Circle and BlockFi held approximately $3.5 billion in uninsured deposits at SVB, of which Circle alone was responsible for $3.3 billion.

via CoinDesk|
#alexandria-ocasio-cortez#blockfi#circle