BlockFi filed for Chapter 11 bankruptcy protection in April 2021, after months of financial struggles due to the pandemic. The company, which provides cryptocurrency-backed loans, had been struggling to stay afloat since the pandemic began. BlockFi had been unable to generate enough revenue to cover its expenses and had to resort to layoffs and other cost-cutting measures. The Chapter 11 filing allowed BlockFi to restructure its debt and reorganize its finances. The company has since emerged from bankruptcy and is now focusing on expanding its services and growing its customer base. BlockFi has also been actively engaging with regulators to ensure compliance with all applicable laws and regulations.
