Moreover, a lawyer for the company told a New Jersey court on Monday that none of the staff members belonging to its management team have withdrawn any cryptocurrency from the platform since 14th October 2022, nor have they made any withdrawals over 0.2 BTC since 17th August 2022. It is also important to mention that the company has taken several steps to secure its finances, including the acquisition of a $400 million revolving credit line from FTX US in July 2022, which enabled the company to increase the basic wages of its employees and also helped provide retention incentives to specific personnel.
BlockFi expects to file both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023.— BlockFi (@BlockFi) January 9, 2023
It is no secret that the collapse of FTX has caused a gigantic ripple effect in the cryptocurrency market, resulting in many crypto companies including BlockFi having to declare bankruptcy. BlockFi was also a victim of the Three Arrows Capital bankruptcy, which ultimately led to the company's downfall. Despite this, the crypto lending platform remains committed to maximizing value for all of its clients and other stakeholders by proceeding with its chapter 11 filing in an expeditious and transparent manner.
With that goal, the company today filed a presentation that provides all stakeholders with important historical background and context. You can find that presentation here: https://t.co/dUTJFLWIJR— BlockFi (@BlockFi) January 9, 2023