BlockFi
A lender that survived the summer of 2022 only to be pulled under by its exposure to FTX. It paused withdrawals the week FTX collapsed and filed for bankruptcy shortly after.
- 1-9mo
- 2-6mo
- 3-5mo
- XDeath
Spacing is ordinal, not to scale. Numbers match the list below.
- 1
Settled with the SEC and several states (~$100M) over its interest accounts in early 2022.
Visible 9 months before death | Prior regulatory action
- 2
Yield depended on re-lending to the same fragile firms that were already wobbling.
Visible 6 months before death | Yield with no source
- 3
A bailout from a sick counterparty is not a rescue. It is a merger of risk.
- Crypto firm BlockFi signs $250 mln revolving credit agreement with FTXReuters
- Crypto firm BlockFi files for bankruptcy as FTX fallout spreadsCNBC
- BlockFi Agrees to Pay $100 Million in Penalties and Pursue Registration of its Crypto Lending ProductU.S. Securities and Exchange Commission
- Crypto Lending Platform BlockFi Looks to Raise New Cash at $1 Billion ValuationBloomberg
Editorial summary of public reporting. Allegations are labeled as allegations. Not financial or legal advice.
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