BlockFi has officially filed for chapter 11 bankruptcy in the United States, but just how bad is BlockFis bankruptcy? Was BlockFi a ponzi scheme scam, or did Zac Prince and Flori Marquez get scammed by FTX and Sam Bankman-Fried? Lets dig deeper, also sub! https://voskco.in/sub
BlockFi insolvency Discord group (not VoskCoin) – https://discord.gg/NkV6vqauBr
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Link to the official notice of bankruptcy – https://blockfi.com/November28-ClientUpdate
Apparently, BlockFi had no problems operating just days before they halted withdrawals, and almost a month later it has now been revealed that they need to file Chapter 11 bankruptcy. This shocking news has left many of us wondering what’s next – but the BlockFi bankruptcy publicly available documentation may help make the picture a little clearer. Let’s take a look at just how exposed BlockFi was to the FTX contagion, what their current situation looks like, and where things could be headed after this.
To be very clear, BlockFi has about a quarter billion dollars of cash on hand, unrelated to BlockFi client deposits, but here’s the issue… they are missing much more money than that which is why they cannot just use those funds to make the blockfi users whole… There’s a lot to decipher, a lot of FUD, and a bit of hope in the BlockFi bankruptcy but no, it’s not good news overall, at all, especially for those severely impacted like myself…
📃 Read the investigation threads here: 📃
BlockFi sues SBF for his stake in Robinhood – https://twitter.com/watcherguru/status/1597366870008823809?s=46&t=itlynV5P1292CvUxhz6U0A
How does BlockFi manage client funds? Web archive version – https://web.archive.org/web/20220701181928/https://help.blockfi.com/hc/en-us/articles/7015347407764-What-happens-to-my-assets-after-they-are-transferred-to-BlockFi-and-how-does-BlockFi-manage-related-risks-
Crypto bankruptcy filing index for 2022 – https://www.theblock.co/post/190354/crypto-bankruptcy-filings-from-3ac-to-blockfi
Zac and Flori from BlockFi –
⏰ Timestamps ⏰
00:00 More terrible news for crypto… BlockFi bankruptcy
00:57 BlockFi bankruptcy filing key takeaways
03:12 SEC fined BlockFi $100 million!
06:00 Who are Ankura Trust? $700 million owed?!
08:58 Order of funds to be paid out
10:08 BlockFi vs SBF & FTX
12:10 BlockFi Wallet coins to be returned?
12:49 Crypto bankruptcies in 2022
14:00 Mt. Gox bankruptcy has taken 10 years!
15:00 Is BlockFi doomed?
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