After FTX, crypto finance firm BlockFi files for bankruptcy, large number of layoffs to be expected
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Crypto finance firm BlockFi has filed for bankruptcy to help "stabilise its business," as investors are yet to recover from the fall of crypto exchange FTX. BlockFi and eight of its affiliates has filed for Chapter 11 bankruptcy Code in the US Bankruptcy Court for the District of New Jersey to provide the company with the "opportunity to consummate a comprehensive restructuring transaction that maximises value for all clients and other stakeholders".