Home Blockchain BlockFi will file assets and liabilities in bankruptcy on January 11

BlockFi will file assets and liabilities in bankruptcy on January 11

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BlockFi will file assets and liabilities in bankruptcy on January 11

Source: blockchain.news

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In a recent announcement, cryptocurrency lending company BlockFi stated that it will provide information on its assets and liabilities, in addition to the payments it received before filing for bankruptcy in November.

BlockFi stated that it had provided its interested parties with a presentation detailing its intentions for future court filings and providing a breakdown of the bankruptcy proceedings. BlockFi also provided a breakdown of bankruptcy proceedings.

The loan company says that shortly after the company’s initial bankruptcy hearing in November, it contacted 106 potential buyers. On January 30, the company will apply to the court for permission to proceed with the bidding process and will seek court approval regarding the bidding process. Both requests will be made in connection with the bidding process.

To be more specific, the company stated that no member of BlockFi’s management team had withdrawn any cryptocurrency from the platform since October 14 and that none of them had “made a withdrawal greater than 0.2 BTC in value at any time” since on August 17. This information was provided in a blog post that was posted on the company’s website.

In addition, the company said that following the acquisition of a $400 million revolving credit facility from FTX US in July, it increased base salaries and paid retention incentives for specific staff.

On January 11, BlockFi announced that it planned to provide a summary of its financial affairs, as well as provide an account of its assets and liabilities.

The announcement came after the US Department of Justice informed the judge overseeing BlockFi’s bankruptcy that it had seized more than 55 million Robinhood shares. At press time, these shares were worth approximately $450 million. The criminal case against cryptocurrency exchange FTX and company executives resulted in the seizure of the shares.

The next scheduled meeting for the public hearing on the FTX bankruptcy case is scheduled for January 11. On the other hand, a comprehensive hearing for BlockFi is scheduled for January 17.

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