Welcome to our

Cyber Security News Aggregator

.

Cyber Tzar

provide a

cyber security risk management

platform; including automated penetration tests and risk assesments culminating in a "cyber risk score" out of 1,000, just like a credit score.

BlockFi casualty of FTX crash

published on 2022-11-30 09:29:40 UTC by Simon Finlay
Content:

Lawyers for crypto currency firm, BlockFi, has become the first direct casualty of exchange firm FTX’s collapse.

BlockFi’s lawyers made their initial appearance in U.S. bankruptcy court on Tuesday, emphasising that the U.S. cryptocurrency lender was “the antithesis of FTX”.

Attorney Joshua Sussberg told the New York court the company’s bankruptcy stemmed from its “significant exposure” to FTX.

FTX has filed for Chapter 11 protection month after traders pulled $6 billion from the platform.

BlockFi has filed for bankruptcy in the US, as the dramatic collapse of FTX continues to reverberate across the industry.

BlockFi said it was seeking court protection to restructure, settle its debts and recover money for investors.

According to reports, BlockFi had received a rescue deal from FTX earlier this year as the values of cryptocurrencies plunged.

MORE UK SECURITY NEWS

However FTX, a crypto exchange, ran into its own problems, as investors pulled cash from the platform amid concerns.

Former boss Sam Bankman-Fried, the so-called “crypto king”, resigned and the firm declared bankruptcy.

BlockFi described the collapse of FTX as “shocking”.

Article: BlockFi casualty of FTX crash - published almost 2 years ago.

https://securityjournaluk.com/blockfi-casualty-of-ftx-crash/?utm_source=rss&utm_medium=rss&utm_campaign=blockfi-casualty-of-ftx-crash   
Published: 2022 11 30 09:29:40
Received: 2022 11 30 09:44:45
Feed: Security Journal UK
Source: Security Journal UK
Category: Security
Topic: Security
Views: 2

Custom HTML Block

Click to Open Code Editor