We should have seen the BlockFi bankruptcy coming. BlockFi was in financial troubles back in June where they need to take a $500M loan credit facility from FTX. This was with the option of being acquired outright by FTX for $250M.
FTX failing should have been an obvious sign, and works out worse for BlockFi than having to simply repay FTX. If FTX were still in operations, at least BlockFi would have more time to repay the loan. As it is, bankruptcy courts are going to coming knocking soon for the debt BlockFi owns. All of this meant BlockFi had little choice but to file for bankruptcy. BlockFi is also now seeing an SBF holding company for a SBF's Robinhood stake that was used as collateral.
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