Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX.
In the filing, the company indicated that it had more than 100,000 creditors, with liabilities and assets ranging from $1 billion to $10 billion. The company also listed an outstanding $275 million loan to FTX US, the American arm of Sam Bankman-Fried’s now-bankrupt empire.
U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency.
You think a month is a long time when it comes to investigating financial crimes and getting a case together? It took 2.5 years from Enron declaring bankruptcy to when their executives were charged. A month is nothing, and such a short timeline implies that they've got some people cooperating with them to testify.
I wonder if it would have been better if they did nothing with SBF. People will continue trusting these dude bros with their crypto and money if they think there is some safety net. The best thing might be to say “eff it, you people were stupid, didn’t read the ToCs and fine print, take this as a learning experience, we’re not spending government resources to save you from yourself”.
Its the Bahamas...do they still do that thing where they lock you in a cage and hang it in the harbour until you die?
My dad was just passing through there, usually people grab gas for their boat and bust on. But they needed to run in to grab a boat part. Well, sorry, you need a cruising permit, and that will be $300. So it's just a different method of criminality, they are still pirates.
