BlockFi has filed for bankruptcy reorganization and still has $256.9 million in cash

Crypto lender BlockFi and eight of its subsidiaries have filed for bankruptcy reorganization in New Jersey Bankruptcy Court, Bussiness Wire reported on November 28. BlockFi will focus on recovering all debts owed to BlockFi by its counterparties, including FTX and related corporate entities. BlockFi still has $256.9 million in cash, and its services will remain suspended.