where FTX would provide a $400 million revolving credit facility with the option to buy out the company for $240 million. The deal was designed to stabilize BlockFi, which ran into problems as crypto prices plunged and sparked a liquidity crisis among a number of over-leveraged firms.On Monday, BlockFi announced it filed under Chapter 11 for bankruptcy. The crypto lender owes $275 million to FTX, the company’s second-largest creditor due to the July deal.
"This action follows the shocking events surrounding FTX and associated corporate entities and the difficult but necessary decision we made as a result to pause most activities on our platform," a"Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients.
Everything blows now Nothing worked Including gold
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