BlockFi to Disclose Assets, Liabilities Prior to Bankruptcy Filing in 2022

• BlockFi has announced that it will disclose its assets, liabilities, and payments received prior to its bankruptcy filing in November 2022.
• The company intends to file both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023.
• BlockFi further intended to file its assets and liabilities, as well as a statement of financial affairs, on 11 January.

BlockFi, a cryptocurrency lending company, recently announced that it will disclose information regarding its assets, liabilities, and payments received prior to its bankruptcy filing in November 2022. This announcement comes after FTX, Celsius Network, and Voyager Digital declared Chapter 11 bankruptcy last year.

In order to provide its stakeholders with a better understanding of its future court filings, BlockFi filed a presentation outlining the summary of its bankruptcy proceedings. The company also noted that it had contacted 106 potential buyers and intended to seek court approval for the bidding process on 30 January.

Additionally, BlockFi revealed that since 14 October 2022, members of the company had not withdrawn any cryptocurrency from the platform, nor had they made any withdrawals over 0.2 BTC since 17 August 2022. Furthermore, following the $400 million revolving credit facility from FTX US in July 2022, the company increased base salaries and made retention payments to certain employees.

In order to file its assets and liabilities, as well as a statement of financial affairs, BlockFi further intended to submit the documents to the court on 11 January 2023. This announcement also follows the US Department of Justice (DoJ) notification to the court overseeing the bankruptcy case that it had seized over 55 million shares of Robinhood, worth around $450 million, at the time of publication.

Overall, BlockFi is taking the necessary steps to ensure that its stakeholders are informed about the company’s future court filings and proceedings. The company is also making sure that its members are not taking advantage of the bankruptcy proceedings by making unjustified withdrawals from the platform.

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