US Crypto Exchange BlockFi Files for Bankruptcy

BlockFi, a major US cryptocurrency exchange that closely collaborated with the bankrupt FTX exchange, has filed for bankruptcy, according to The Wall Street Journal.

According to the publication, BlockFi has accumulated user deposits totaling approximately $14 to $20 billion and has issued $7.5 billion in loans backed by these deposits. The exchange actively sought funding from FTX, which at one point even considered the possibility of acquiring BlockFi.