BlockFi

About BlockFi

BlockFi filed for Chapter 11 bankruptcy on November 28, 2022, shortly after the FTX collapse. BlockFi was a crypto lending platform that took customer deposits and made loans. FTX had provided a 400 million credit line to BlockFi in July 2022 after the 3AC collapse weakened the company. When FTX collapsed in November, BlockFi lost access to FTX funding. BlockFi had over 100,000 creditors and more than 1 billion in obligations. The company sued FTX founder Sam Bankman-Fried to recover assets. BlockFi emerged from bankruptcy in September 2024 after a restructuring that returned assets to creditors. The chain of failures from 3AC through Celsius, Voyager, BlockFi, and FTX demonstrated the fragility of the crypto financial system.