Tag Archives: blockfi

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Silicon Valley Bank and the crypto-friendly – Signature Bank – disclosed operational difficulties and were closed down by regulators. While some expect the collapse to prompt a domino effect, numerous cryptocurrency-related companies have already suffered losses because of their exposure to the aforementioned institutions. Let’s have a closer look. SVB’s Impact As CryptoPotato reported last week, Circle – the Boston-based company which issues the second-largest stablecoin...

Bankrupt crypto lender BlockFi has filed a motion to dismiss the bankruptcy case for Emergent Fidelity Technologies, the holding firm owned by Sam Bankman-Fried (SBF), founder and former CEO of FTX. In the motion, filed on Thursday in the United States Bankruptcy Court for the District of Delaware, BlockFi argued that Emergent is not eligible for a bankruptcy case as it has no other assets than 56 million Robinhood shares. BlockFi Seeks to Dismiss Emergent’s Bankruptcy Case...

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Bankrupt crypto lending platform BlockFi received court approval to put its Bitcoin mining business up for auction.  The company plans to sell its equipment as fast as possible, to take advantage of currently favorable market conditions. Selling While They Can BlockFi lawyer Francis Petrie told US Bankruptcy Judge Michael Kaplan on Monday that the company has already received bids for many of its assets, and expects more to come, according to BNN Bloomberg. This comes a week...

The cryptocurrency-focused bank – Silvergate Capital – reported a net loss of $1 billion for the last quarter of 2022 due to the turmoil reigning in the digital asset sector. The firm recently laid off nearly half its workforce amid massive client withdrawal requests. The Disappointing Q4 The fourth quarter of 2022, with its market decline and company bankruptcies, put a dark stamp on crypto’s legacy. The California-based Silvergate Capital said those dynamics triggered a...

BlockFi said it plans to disclose assets and liabilities, as well as statements of certain payments made by the platform to insiders and other parties prior to its bankruptcy filing in November. In the latest update, the embattled crypto lending announced it would file both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023. “BlockFi looks forward to continuing its open dialogue with the UCC, U.S. Trustee, and all...

Rishi Ramchandani – a former executive at the bankrupt crypto platform BlockFi – became the APAC Web3 Lead of Google. The world’s largest search engine argued earlier this year that Web3 is a market that demonstrates “tremendous potential” and established a dedicated team. Finding Shelter in Google In a recent post on LinkedIn, Ramchandani said he feels “excited” to step into his new role in the multinational technology company. His main goal will be to advance Google’s Web3...

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Scott Minerd – CIO and Chairman of Guggenheim Partners – believes the demise of crypto exchange FTX will cause more problems for companies and investors. He reiterated his stance that market crashes could be beneficial for the industry because they could eliminate meaningless projects. Buckle up for More Trouble According to Minerd, the domino effect that the FTX bankruptcy triggered might continue in the near future affecting other entities: “There’s another shoe to drop – I...