Crypto lender BlockFi filed for bankruptcy protection Monday, days after suspending withdrawals amid the ongoing fallout from exchange FTX's bankruptcy filing, Coindesk reports.
The company said it was filing for Chapter 11 bankruptcy protection, indicating it hoped to restructure, continuing operations in the meantime. BlockFi has about $257 million in cash on hand. A Bermuda-based affiliate is also filing for liquidation, a similar process.
According to the company's petition, BlockFi's executives estimate the company has more than 100,000 creditors, and checked off the ranges. Executives estimate the company has between $1 billion and $10 billion in both assets and liabilities.
The company's largest creditors include West Realm Shires Inc., the legal name for FTX US, which has a $275 million unsecured claim, and the Securities and Exchange Commission (SEC), which has a $30 million unsecured claim. The majority of the other top 50 creditors' names were not shared.
BlockFi's largest creditor is Ankura Trust Company, which the lender appears to have hired in February and now has a $730 million unsecured claim.