BlockFi Has $355M in Crypto Frozen on FTX, Attorney Confirms

BlockFi filed for bankruptcy Monday, after weeks of speculation about the company’s solvency after it paused withdrawals earlier in November. The lender had been relying on a $400 million line of credit from crypto exchange FTX, which itself filed for bankruptcy earlier this month after doubts emerged about its own solvency following a CoinDesk report revealing FTX’s sister company Alameda held a large amount of FTX’s exchange token, FTT.