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First Mover Americas: BlockFi the Latest Chapter (11) in FTX Saga

Lyllah Ledesma - CoinDesk
2022-11-29 13:08
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This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Crypto lender BlockFi filed for Chapter 11 bankruptcy protection on Monday, saying it hoped to restructure while it continues its operations. BlockFi received a $400 million line of credit from bankrupt exchange FTX earlier this year and has about $257 million in cash on hand, according to a press release.

BlockFi sued FTX founder Sam Bankman-Fried for his Robinhood Market shares on Monday. Bankman-Fried, through his Emergent Fidelity Technologies holding company, pledged his stake in the online trading company as collateral for a loan.

Crypto exchange Huobi’s token, HT, climbs 15% over the past 24 hours after the firm announced a partnership with the Commonwealth of Dominica. Blockchain developer Tron and DMC Labs will issue a national token called dominica coin (DMC) and a digital identity, or DID. Huobi will provide Dominica DID status to every registered user.

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