BlockFi Says It Is Different From FTX, Affirms Efforts to Return Customer Funds

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BlockFi Inc. informed a U.S. chapter courtroom on Tuesday it was blindsided by cryptocurrency trade FTX’s speedy demise and would work to repay collectors and permit clients entry to their digital wallets as quickly as doable.

Jersey Metropolis, N.J.-based BlockFi, which secured a rescue mortgage from FTX in June to shore up its liquidity, reviewed unaudited FTX monetary stories as a part of due diligence it carried out on the time of the transactions, mentioned Joshua Sussberg, a lawyer for BlockFi, throughout its debut listening to within the U.S. Chapter Courtroom in Trenton, N.J. BlockFi filed for chapter 11 on Monday after the mortgage fell aside within the wake of FTX’s collapse earlier in November.

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