BlockFi Hack

BlockFi filed for bankruptcy as FTX collapse grips crypto markets. The company filed a lawsuit against Emergent Fidelity Technologies which Sam Bankman Fried owns. The lending platform has 1,000,000,000 $USD in liabilities as a minimum.

BlockFi is a crypto lending platform, that provides lending opportunities using crypto assets as collateral. The platform halted withdrawals on November 11, the day when FTX filed for bankruptcy, citing "significant exposure" to the FTX exchange and Alameda Research hedge fund as well. The company filed for Chapter 11 and a lawsuit against Bankman Fried's Emergent Fidelity Technologies, demanding they turn over collateral that BlockFi claims is owed.

BlockFi estimates it has between 1,000,000,000 $USD and 10,000,000,000 $USD in liabilities, according to the filing. The company owed money to more than 100,000 creditors, and the largest one is Ankura Trust which is owed roughly 729,000,000 $USD.