Crypto lender BlockFi files for bankruptcy as FTX ripple effect spreads

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Reuters UK

By Hannah Lang, Niket Nishant and Manya Saini (Reuters) – Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection, it said on Monday, the latest crypto casualty following the spectacular collapse of the FTX exchange earlier this month. The filing in a New Jersey court comes as crypto prices plummet. The price of bitcoin, the largest digital currency by far, is down more than 70% from a 2021 peak. “BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem,” said Monsur Hussain, senior director at Fitch Ratings. New…

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