So everything was not fine at BlockFi. Crypto lender BlockFi blames the falling crypto prices over the summer and a liquidity crisis spurred by FTX’s collapse for their bankruptcy filing. According to the filing, BlockFi’s top ten creditors are owed $1.2 billion. The lending platform initially denied that FTX held most of its assets but stated they had “significant exposure” to FTX. BlockFi halted withdrawals earlier this month.
BlockFi sues Sam Bankman-Fried's holdingcompany for Robinhood shares.
Monday was a big filing day for BlockFi’s legal team! The same day BlockFi filed for Chapter 11 bankruptcy, they sued SBF’s Emergent Fidelity Technology for their Robin Hood (HOOD) shares pledged to BlockFi as collateral on Nov. 9. The complaint stated that an unnamed borrower agreed on a payment plan, but defaulted on their payment.
Coinbase Wallet app delists four tokens.
Citing “low usage,” crypto exchange Coinbase delisted Bitcoin Cash (BCH), Ethereum Classic (ETC), Stellar (XLM), and XRP (XRP) from their wallet app on Dec 5. These tokens are still listed on the exchange itself, except for XRP. They said in a statement that the assets will not be lost but only accessible with a recovery phrase. Since the news, all four tokens have increased in value in the market.
Bitcoin drops as China's strict lockdown shakes global markets.
Protestors gathered in China after 10 people were killed in a fire due to strict lockdown measures. China’s zero-Covid policy has created a sluggish economy, with the Dow dropping 500 points when protests erupted on Monday. This, in turn, affected Bitcoin, with it dropping 5% the same day. In light of the protests, two NFT collections with photos and painted images from the protests were created to cement the protests in history.
Early Majority is a women-led outdoor brand community. BFF will partner with them on their Member Badge NFT, which comes with incredible physical gear! BFF holders who mint get a custom badge to put on their gear and a special price on the mint.