Crypto lender BlockFi files for bankruptcy protection - Reuters

Nov 28 (Reuters) - U.S. cryptocurrency lender BlockFi said connected Monday it had filed for Chapter 11 bankruptcy extortion on with 8 of its affiliates, successful the latest casualty since FTX collapsed earlier this period triggering instability successful the crypto market.

New Jersey-based BlockFi had earlier paused withdrawals from its level and acknowledged it had "significant exposure" to FTX, and its associated entities.

The determination comes much than a week aft FTX filed for U.S. bankruptcy protection and its laminitis Sam Bankman-Fried resigned arsenic main executive.

In July, FTX had signed a woody with BlockFi to supply the steadfast with a $400 cardinal revolving recognition installation and an enactment to bargain it for up to $240 million.

Reporting by Niket Nishant and Manya Saini successful Bengaluru; Editing by Shinjini Ganguli

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