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BlockFi to Liquidate Lending Platform After Futile Sales Attempts

Bankrupt crypto lender Blockfi has requested that a court authorize the sale of its lending business as it looks to generate funds to repay creditors. The move comes after futile attempts to sell the lending platform to a third party. BlockFi disclosed that it did not receive value-maximizing offers from potential buyers. BlockFi, which filed for bankruptcy protection in November, cited regulatory developments as one reason for not receiving quality bids from prospective buyers. Furthermore, BlockFi has revealed that the primary driver of recoveries for creditors and clients is the claims against its commercial counterparties.

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