BlockFi has $355 million in digital assets ‘frozen’ on FTX
Troubled crypto lender BlockFi has $355 million in digital assets frozen on FTX’s platform, the company said in court.
BlockFi filed for bankruptcy protection this week, becoming the latest firm to face financial turmoil after the collapse of one of the world’s largest crypto exchanges.
FTX, once valued at $32 billion, filed for bankruptcy protection in Delaware earlier this month. The firm had given BlockFi a $275 million loan earlier this year, and was listed as BlockFi’s second-largest creditor in bankruptcy filings.
BlockFi also has a considerable amount of cash stuck on FTX, a lawyer for the firm said in a New Jersey courtroom. BlockFi has $355 million in digital assets that are “frozen” on the platform, according to BlockFi attorney Joshua Sussberg.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Stephanie Murray
