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Crypto Lender BlockFi Files for Chapter 11 Bankruptcy Protection

Digital-asset lender BlockFi filed for Chapter 11 bankruptcy protection in New Jersey on November 28, 2022. According to a press release, BlockFi cited the downfall of cryptocurrency exchange FTX and its associated companies for pushing it over the edge, and said it has $256.9 million in cash on hand, which it plans to use to continue with ongoing operations during the restructuring process.

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