BlockFi Set to Reveal Financial Information Post FTX Crash

BlockFi announced it would file financial information on Jan. 11. The info will cover assets, liabilities, and payments made before the bankruptcy filing. The exchange has been working on financial restructuring since the filing.

Cryptocurrency lending platform BlockFi announced on Jan. 9 that it will release information about its finances on Jan. 11. The company said on Twitter that it would file a balance sheet and financial statements. This will provide information on all assets and liabilities as well as payments to insiders and other parties prior to bankruptcy.

It also provided a document informing stakeholders of “significant historical context and context”. It spoke about the progress BlockFi has made since day one of the hearing, noting that it has contacted 106 potential buyers domestically and internationally.

The crypto lending company also mentioned the FTX debacle and its impact on the company and its stakeholders. It laid off 20% of its staff, and a $400 million loan from FTX in support of BlockFi helped stabilize it.

The FTX debacle was the final nail in the coffin for the crypto lending firm, which has since been restructuring. There have been some minor updates on the matter since then and stakeholders are closely monitoring the process.

BlockFi Moving On Since Filing For Bankruptcy 

BlockFi, which filed for bankruptcy in November following FTX’s collapse, said it would focus on paying off debt and trying to get funds back. It joins the list of notorious companies to fail in 2022, leaving more than 100,000 creditors in debt.

The recent tweet is an important follow-up to the restructuring announcement last November. Among them, BlockFi announced that it has $256.9 million in cash. This allows it to continue performing certain operations during the process.