Tag: BlockFi

BlockFi Wants Court to Approve Employees Bonuses to Avoid Talent Drain to Other Companies

However, the court has objected to the BlockFi request noting that every penny used to pay employees denies the creditors their right to be reimbursed. Distressed cryptocurrency lender BlockFi has filed with the bankruptcy court in the District of New Jersey wanting to get bonuses approval for retaining experienced employees. According to the court filings, BlockFi wants to hold on to experienced employees who are constantly getting higher-paying job opportunities with other companies like Google, and Walmart. Notably, BlockFi filed for chapter 11 bankruptcy protection after it reported huge exposure…

BlockFi to sell $160M in Bitcoin miner-backed loans: Report

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Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports. In a Bloomberg report on Jan. 24, two people “familiar with the matter” claim that BlockFi started the process of selling off the loans last year. The crypto lender filed for Chapter 11 bankruptcy in Nov. 2022, citing its significant exposure to the now-defunct crypto exchange FTX for its downfall. However, some of these loans have already defaulted since then and could…

BlockFi exec argues bankruptcy court should approve bonuses to retain talent

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Megan Crowell, the chief people officer at crypto lending firm BlockFi, has petitioned a court to allow bonuses for “key employees” amid Chapter 11 bankruptcy proceedings. In a Jan. 23 declaration for United State Bankruptcy Court in the District of New Jersey, Crowell said without giving certain financial incentives, BlockFi might be unable to retain employees in a “highly competitive” crypto industry. According to the BlockFi executive, many staff were “highly likely to leave the company” amid the Chapter 11 process without “competitive compensation”, potentially adding to costs down the…

Bitfarms seeks to modify loan facility with BlockFi as bear market drags on

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Bitcoin (BTC) mining company Bitfarms has unveiled plans to modify an existing loan agreement with BlockFi — a move the company said would reduce its indebtedness amid the bear market. On Jan. 13, Bitfarm disclosed that it is working with creditors to modify a loan agreement for Backbone Mining Solutions, or BMS, which owns and operates Bitfarms’ 20-megawatt mining facility in Washington state. BMS received a $32 million equipment financing loan from Bitcoin lender BlockFi in February 2022. The loan was secured against existing BMS assets, including its miners and…

BlockFi Executives’ Equity Took $800M Hit From FTX Loan, Filings Reveal

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BlockFi Creditors Battle to Keep Their Details Secret

Andrew Vara, a U.S. Department of Justice official responsible for bankruptcy cases, argued in a separate Tuesday filing to the New Jersey bankruptcy court that “disclosure is a basic premise of bankruptcy law,” needed to avoid any suggestion of impropriety – echoing arguments he has previously made in the case of collapsed crypto exchange FTX. Source

BlockFi plans to file assets and liabilities for bankruptcy case on Jan. 11

Crypto lending firm BlockFi has announced it will disclose information on its assets and liabilities as well as payments received prior to its bankruptcy filing in November. In a Jan. 9 Twitter thread, BlockFi said it had filed a presentation for its stakeholders detailing plans for future court filings and a rundown of the bankruptcy proceedings. According to the lending firm, the company reached out to 106 potential buyers shortly after its first bankruptcy hearing in November and will ask for the court’s approval regarding the bidding process on Jan.…

BlockFi Management Hasn’t Withdrawn Any Crypto Since October, Lawyer Tells Court

Sussberg said BlockFi plans to file its assets and liabilities, along with a statement of financial affairs on Wednesday, which BlockFi later confirmed on Twitter. Shortly after the first hearing in November, the company kicked off a sale process and has reached out to “106 domestic and international potential buyers for some or all of the business,” Sussberg’s presentation said. The company plans to ask for court approval of bidding procedures at a Jan. 30 hearing. Source

BlockFi Management Hasn’t Withdrawn any Crypto Since October, Lawyers Tell Court

Sussberg said the company plans to file its assets and liabilities, along with a statement of financial affairs (SOFA) on Jan. 11, which the BlockFi later confirmed via its Twitter account. Shortly after the first hearing in November last year, the company also kicked off a sale process and has reached out to “106 domestic and international potential buyers for some or all of the business,” Sussberg’s presentation said. The company also plans to ask for court approval of bidding procedures at a Jan. 30 hearing. Original Source BlockFiCourtCryptoHasntLawyersManagementOctoberWithdrawn CryptoX…