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

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

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

Google News down for millions of users globally

Image
Google News stopped functioning on Friday preventing millions of its users globally from searching latest updates and queries. While Google Search engine continues to operate normally, the “News” tab is not showing results. The ‘News’ tab is experiencing an outage on its desktop page, iOS and Android apps while some complained that Google Search is also affected. Users began complaining about the issue earlier today which has now affected users globally. In the news dedicated section, users are not able to see the results of their search while the “filter” option has also stopped functioning around the world. Read more: Google to invest $2 bn in Malaysia: government Meanwhile, the company has not issued any statement regarding the issue and its cause or provide an estimated time for a fix. Users in United States, United Kingdom, India, Canada and European countries also reported facing issues in searching news. Along with Google News, Google Discover has also been affected by
Read more