Block Fi seeks bankruptcy protection as 'shocking' FTX contagion spreads
by announcing plans to sell $580 million in FTX's FTT tokens, then announcing a plan to buy the floundering firm, and then backing out of the deal., Block Fi had between $14 billion and $20 billion in customer deposits and had lent out about $7.5 billion.
In February, Block Fi agreed to pay $100 million to settle US Securities and Exchange Commission charges that it failed to comply with securities laws. The agencythat Block Fi sold a lending product that should have been registered and that"Block Fi made a false and misleading statement for more than two years on its website concerning the level of risk in its loan portfolio and lending activity.
Block Fi agreed to the SEC cease-and-desist order"without admitting or denying the SEC’s findings." ®
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