BlockFi officially files for Chapter 11 bankruptcy

Hi,

as it was somehow expected, there are some ripples in the wave caused by the bankruptcy of FTX.

BlockFi, one crypto lending platform, filled in today for bankruptcy, as it was affected by FTX. It had funds at the exchange.

It is official on the website and will probably hear some interesting details the next days.

One such detail is that Peter Thiel’s Valar Ventures had a 19% stake in BlockFi. So, we will probably see more and more details about the complicated crypto world and where money flows and who earns it.

In the end, the whole thing is damaging the crypto world, as normal people will be afraid to invest into it and to see the benefits. Most will say that it is not safe, it is like a lottery and most people will lose money.

If they keep it on exchanges and expect 50x on a memecoin, then yes, that would be the outcome.

I always tend to tell people I know, that safety is only on the wallet where the key is owned. Also, the project shall not be a memecoin or some other sort.

How do you see this bankruptcy? Will others follow because of this? Will the market respond?

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