The ripple effects of the FTX collapse still aren’t over. Crypto lender BlockFi filed for bankruptcy on November 28. BlockFi had been relying on a $400 million line of credit from crypto exchange FTX — and we all know what happened to FTX.
As of November 29, BlockFi has about $355 million in cryptocurrencies currently frozen on FTX. According to Forbes, a BlockFi representative blamed FTX for its bankruptcy. FTX’s Alameda Research affiliate allegedly defaulted on $680 million of collateralized loans to BlockFi.
In this episode of Crypto Monitor, Vin Narayanan and Allison Brickell discuss the implications of BlockFi’s bankruptcy — including what it means for the crypto market as a whole.
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