Tag blockfi

BlockFi had $227 Mln in funds held at collapsed Silicon Valley Bank

SVB was shut down and taken over by the Federal Deposit Insurance Corporation on Friday

Silvergate Bank has been mandated to give $9.85 million back to BlockFi as part of the latter company's ongoing bankruptcy procedures.

BlockFi founders and Gemini are the subjects of a class action lawsuit filed by an investor over frozen money.

To participate in the bidding process, potential bidders are expected to deliver written proposals to each of the "co-counsel to the debtors."

BlockFi had approximately $415.9 million worth of assets tied to FTX and $831.3 million in loans to FTX's sister trading firm Alameda.

In the motion, BlockFi has requested the court to honor client withdrawals from wallet accounts frozen on the platform since early November

BlockFi accuses Emergent Fidelity Technologies Ltd of defaulting on its obligations under a November 9 pledge agreement.

The Company's priority will be to restore all obligations owed to BlockFi by its counterparties, which includes FTX and related corporate entities.

BlockFi has admitted to having "significant exposure to FTX and associated corporate entities.

BlockFi's licence in California has been suspended for 30 days while an investigation is ongoing.