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Crypto Contagion: BlockFi Files For Chapter 11 Bankruptcy!
The next in line is giving up in the Crypto Contagion. The crypto lender BlockFi is the latest victim of contagion within the industry following the collapse of the crypto exchange FTX. The company and eight of its affiliates filed for Chapter 11 bankruptcy. According to the filing, BlockFi has over 100,000 estimated creditors and up to $10 billion in liabilities. The filing says that the firm has $256.9 million cash in hand.