Crypto lender files for bankruptcy

BlockFi: Crypto lender files for bankruptcy after FTX fall

US cryptocurrency lender BlockFi said on Monday it had filed for Chapter 11 bankruptcy protection along with eight affiliates in a New Jersey court, the latest casualty since FTX’s collapse earlier this month triggered instability in the crypto market.

In a court filing, New Jersey-based BlockFi said it owes money to more than 100,000 creditors. It listed crypto exchange FTX as its second-largest creditor, with $275 million owed on a loan extended earlier this year.

The company’s largest creditor is Ankura Trust, a company that represents creditors in stressed situations, and is owed $729 million.

BlockFi had earlier paused withdrawals from its platform and acknowledged it had “significant exposure” to FTX and its associated entities.

The move comes weeks after FTX filed for U.S. bankruptcy protection and its founder Sam Bankman-Fried resigned as chief executive.

In July, FTX had signed a deal with BlockFi to provide the firm with a $400 million revolving credit facility and an option to buy it for up to $240 million after the crypto lender was hit by a collapse in prices earlier in the year.

FTX was run as ‘personal fiefdom,’ faces hacks, missing assets 



from Science and Technology News - Latest science and technology news https://ift.tt/TBmUvHy

Comments

Post a Comment

Popular posts from this blog

South Korea, Britain host AI summit with safety top of agenda

Image
SEOUL: South Korea and Britain kick off a major international summit on artificial intelligence in Seoul this week, where governments plan to press tech firms on AI safety. The meeting is a follow-up to the inaugural global AI safety summit at Bletchley Park in Britain last year, where dozens of countries voiced their fears to leading AI firms about the risks posed by their tech. Safety is again on the agenda at the AI Seoul Summit starting Tuesday and representatives are expected from leading AI firms, including ChatGPT maker OpenAI, Google DeepMind, French AI firm Mistral, Microsoft and Anthropic. “As with any new technology, AI brings new risks, including deliberate misuse from those who mean to do us harm,” South Korean President Yoon Suk Yeol and UK Prime Minister Rishi Sunak said Monday in a joint article. “However, with new models being released almost every week, we are still learning where these risks may emerge,” they said in the piece, published by the South Korean dail
Read more

Samsung wants to turn your iPhone into a foldable phone

Image
The South Korean tech giant Samsung is targeting Apple users with a unique update to its Try Galaxy app, enabling iPhone users to simulate the experience of using a Samsung Galaxy Z Fold by placing two iPhones side by side. The feature is available on Android phones too, but Samsung just expanded the Try Galaxy app to work on iPhones. The update comes after Samsung launched its latest foldable phones, the Galaxy Z Flip 5 and Galaxy Z Fold 5, at a high-profile event in Seoul last month. Using the app on your iPhone involves scanning a QR code from Samsung, which is available in the company’s press release. Doing so will allow you to add a shortcut to Samsung’s Try Galaxy app to an iPhone’s home screen. Launching the shortcut pulls up a simulation of Samsung’s One UI Android software. But those who have two iPhones handy can use them together to imitate how the software would look on Samsung’s Galaxy Z Fold. There are a couple of short demos available to try in this mode, such as a
Read more

Samsung trolls Apple for ‘Crush!’ in Galaxy Tab S9 Ad

Image
After Apple received flak for the new iPad Pro 2024 commercial, Samsung mocked the technology giant in an Ad for its Galaxy Tab S9. The Ad, shared by Samsung Mobile USA on its Instagram page, shows a woman walking over debris and paint reminiscent of Apple’s “Crush” Ad that saw an industrial press crushing things including books, musical items and paint. The woman is then seen picking up a damaged guitar and begins playing tunes assisted by notes displayed on her Galaxy Tab S9. The Ad ends with, ” Creativity cannot be crushed,” as Galaxy Tab S9 Series with Galaxy AI is mentioned on the screen.   View this post on Instagram   A post shared by Samsung Mobile USA (@samsungmobileusa) It is pertinent to mention that Apple’s Ad, titled “Crush!” for iPad Pro 2024 angered many including Hollywood stars who said that the tech company conveyed a wrong message by crushing a record player, a piano, a guitar, an old TV set, cameras, a typewriter, books
Read more