{"id":4346,"date":"2022-11-30T23:40:46","date_gmt":"2022-11-30T23:40:46","guid":{"rendered":"https:\/\/gospeedhub.com\/?p=4346"},"modified":"2022-11-30T23:40:47","modified_gmt":"2022-11-30T23:40:47","slug":"blockfi-files-for-bankruptcy","status":"publish","type":"post","link":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/","title":{"rendered":"BlockFi Files For Bankruptcy"},"content":{"rendered":"\n

BlockFi is a digital asset lending company that allows for cryptocurrency trading and investing.The Crypto marketplace has digitalized assets and promoted wealth creation using tech infrastructures. However, it has been experiencing a negative wave for over a year.<\/p>\n\n\n\n

Presently, the plunge in the crypto market is negatively affecting the digital asset lender, BlockFi. So, the company has publicly decided to file for Chapter 11 of the United States Bankruptcy code in New Jersey. Early this month, BlockFi announced a break in transactional activities on its platform; two weeks later, the company filed for bankruptcy which it claims to fine-tune the business downturn and financial crisis.<\/p>\n\n\n\n

The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations. BlockFi has several creditors, including FTX, which has invested $275M into the company in an unsecured claim as part of the total $700M worth of money gathered from creditors.<\/p>\n\n\n\n

Moreover, FTX founder Sam Bankman Fried is obligated to fulfill his pledge on the collateral of over 7.6 percent of its stake. FTX planned to buy BlockFi for $240M, but as FTX value collapsed, the digital asset lending company expects that recovery will be delayed due to the effect of FTX\u2019s financial plunge.<\/p>\n\n\n\n

In the first quarter of 2021, the company lands a $350M series D financing reaching $3B worth of value, Ankura Trust Company takes first place as the largest creditor, pumping in a total of $729M for the company, FTX ranks second, and the US Securities and Exchange Commission (SEC) is fourth at $30M (due to charges fined earlier this year). However, BlockFi is likely to lay off workers in a bid to reduce running costs, although the company has yet to release any news about downsizing its workforce.<\/p>\n\n\n\n

On November 14th, FTX gave BlockFi a $400M credit facility which has almost been exhausted. FTX has had the opportunity to buy BlockFi. But is it still viable to buy BlockFi? Does FTX have what it takes to maintain operations without suffering a future financial plunge? These are many questions that come to mind.<\/p>\n\n\n\n

If a company like FTX can experience a plunge and is still trying to resuscitate its financial capacity and now BlockFi promises to utilize her funds effectively until stability is attained. What really is the fate of crypto earners on the platform?<\/p>\n\n\n\n

Please visit us @GoSpeedHub on\u00a0Facebook<\/a>,\u00a0Instagram<\/a>, and\u00a0Twitter<\/a>\u00a0for more information.<\/p>\n\n\n\n

Photo by BlockFi<\/p>\n","protected":false},"excerpt":{"rendered":"BlockFi is a digital asset lending company that allows for cryptocurrency trading and investing.The Crypto marketplace has digitalized…\n","protected":false},"author":8,"featured_media":4348,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_1331110278889566212_1331110278889566212":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","csco_singular_sidebar":"","csco_page_header_type":"","csco_appearance_grid":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"footnotes":""},"categories":[12,11,6],"tags":[1152,1266,123,140,109,1095,124,413,101,1222,82],"class_list":["post-4346","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","category-fintech","category-tech-news","tag-block-chain","tag-blockfi","tag-crypto","tag-cryptocurrency","tag-cryptogames","tag-cryptohack","tag-cryptopayment","tag-crytocurrency","tag-ethereum","tag-ftx","tag-technews","cs-entry","cs-video-wrap"],"yoast_head":"\nBlockFi Files For Bankruptcy - GoSpeed Hub<\/title>\n<meta name=\"description\" content=\"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockFi Files For Bankruptcy - GoSpeed Hub\" \/>\n<meta property=\"og:description\" content=\"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/\" \/>\n<meta property=\"og:site_name\" content=\"GoSpeed Hub\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/gospeedhub\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-30T23:40:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-30T23:40:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png\" \/>\n\t<meta property=\"og:image:width\" content=\"694\" \/>\n\t<meta property=\"og:image:height\" content=\"390\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"TimCollins\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@GoSpeedHub\" \/>\n<meta name=\"twitter:site\" content=\"@GoSpeedHub\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"TimCollins\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/\"},\"author\":{\"name\":\"TimCollins\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/#\\\/schema\\\/person\\\/4efcd5d06c6d4d731acac36c8a824b31\"},\"headline\":\"BlockFi Files For Bankruptcy\",\"datePublished\":\"2022-11-30T23:40:46+00:00\",\"dateModified\":\"2022-11-30T23:40:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/\"},\"wordCount\":410,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Screenshot-2022-11-30-at-18.35.58.png\",\"keywords\":[\"block chain\",\"BlockFi\",\"crypto\",\"cryptocurrency\",\"cryptogames\",\"cryptohack\",\"cryptopayment\",\"Crytocurrency\",\"ethereum\",\"FTX\",\"Technews\"],\"articleSection\":[\"CRYPTO\",\"FINTECH\",\"TECH NEWS\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/\",\"url\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/\",\"name\":\"BlockFi Files For Bankruptcy - GoSpeed Hub\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Screenshot-2022-11-30-at-18.35.58.png\",\"datePublished\":\"2022-11-30T23:40:46+00:00\",\"dateModified\":\"2022-11-30T23:40:47+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/#\\\/schema\\\/person\\\/4efcd5d06c6d4d731acac36c8a824b31\"},\"description\":\"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#breadcrumb\"},\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#primaryimage\",\"url\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Screenshot-2022-11-30-at-18.35.58.png\",\"contentUrl\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/wp-content\\\/uploads\\\/2022\\\/11\\\/Screenshot-2022-11-30-at-18.35.58.png\",\"width\":694,\"height\":390},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/blockfi-files-for-bankruptcy\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BlockFi Files For Bankruptcy\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/#website\",\"url\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/\",\"name\":\"GoSpeed Hub\",\"description\":\"Tech Hub | Collaboration | Incubator | Funding | Mentoring | Training\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/#\\\/schema\\\/person\\\/4efcd5d06c6d4d731acac36c8a824b31\",\"name\":\"TimCollins\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g\",\"caption\":\"TimCollins\"},\"url\":\"https:\\\/\\\/gospeedhub.com\\\/blogs\\\/author\\\/collins\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"BlockFi Files For Bankruptcy - GoSpeed Hub","description":"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"BlockFi Files For Bankruptcy - GoSpeed Hub","og_description":"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.","og_url":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/","og_site_name":"GoSpeed Hub","article_publisher":"https:\/\/www.facebook.com\/gospeedhub","article_published_time":"2022-11-30T23:40:46+00:00","article_modified_time":"2022-11-30T23:40:47+00:00","og_image":[{"width":694,"height":390,"url":"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png","type":"image\/png"}],"author":"TimCollins","twitter_card":"summary_large_image","twitter_creator":"@GoSpeedHub","twitter_site":"@GoSpeedHub","twitter_misc":{"Written by":"TimCollins","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#article","isPartOf":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/"},"author":{"name":"TimCollins","@id":"https:\/\/gospeedhub.com\/blogs\/#\/schema\/person\/4efcd5d06c6d4d731acac36c8a824b31"},"headline":"BlockFi Files For Bankruptcy","datePublished":"2022-11-30T23:40:46+00:00","dateModified":"2022-11-30T23:40:47+00:00","mainEntityOfPage":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/"},"wordCount":410,"commentCount":0,"image":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#primaryimage"},"thumbnailUrl":"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png","keywords":["block chain","BlockFi","crypto","cryptocurrency","cryptogames","cryptohack","cryptopayment","Crytocurrency","ethereum","FTX","Technews"],"articleSection":["CRYPTO","FINTECH","TECH NEWS"],"inLanguage":"en","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/","url":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/","name":"BlockFi Files For Bankruptcy - GoSpeed Hub","isPartOf":{"@id":"https:\/\/gospeedhub.com\/blogs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#primaryimage"},"image":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#primaryimage"},"thumbnailUrl":"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png","datePublished":"2022-11-30T23:40:46+00:00","dateModified":"2022-11-30T23:40:47+00:00","author":{"@id":"https:\/\/gospeedhub.com\/blogs\/#\/schema\/person\/4efcd5d06c6d4d731acac36c8a824b31"},"description":"The company\u2019s present $256.9 million cash in hand is budgeted to provide sufficient liquidity to support business transactions and internal operations.","breadcrumb":{"@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#breadcrumb"},"inLanguage":"en","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/"]}]},{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#primaryimage","url":"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png","contentUrl":"https:\/\/gospeedhub.com\/blogs\/wp-content\/uploads\/2022\/11\/Screenshot-2022-11-30-at-18.35.58.png","width":694,"height":390},{"@type":"BreadcrumbList","@id":"https:\/\/gospeedhub.com\/blogs\/blockfi-files-for-bankruptcy\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gospeedhub.com\/blogs\/"},{"@type":"ListItem","position":2,"name":"BlockFi Files For Bankruptcy"}]},{"@type":"WebSite","@id":"https:\/\/gospeedhub.com\/blogs\/#website","url":"https:\/\/gospeedhub.com\/blogs\/","name":"GoSpeed Hub","description":"Tech Hub | Collaboration | Incubator | Funding | Mentoring | Training","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gospeedhub.com\/blogs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en"},{"@type":"Person","@id":"https:\/\/gospeedhub.com\/blogs\/#\/schema\/person\/4efcd5d06c6d4d731acac36c8a824b31","name":"TimCollins","image":{"@type":"ImageObject","inLanguage":"en","@id":"https:\/\/secure.gravatar.com\/avatar\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/50aef3f7b4088a21724f61200d494148d6d1b81cd8f173df2043b42c4b74524f?s=96&d=mm&r=g","caption":"TimCollins"},"url":"https:\/\/gospeedhub.com\/blogs\/author\/collins\/"}]}},"_links":{"self":[{"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/posts\/4346","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/comments?post=4346"}],"version-history":[{"count":3,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/posts\/4346\/revisions"}],"predecessor-version":[{"id":4351,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/posts\/4346\/revisions\/4351"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/media\/4348"}],"wp:attachment":[{"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/media?parent=4346"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/categories?post=4346"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gospeedhub.com\/blogs\/wp-json\/wp\/v2\/tags?post=4346"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}