The worst that can happen in the world of digital currencies is that all power is concentrated in the hands of one central authority that controls all its outputs. The FTX platform has given us an important lesson about the danger of the platform becoming inflated and thus becoming like a bubble that we are waiting to explode at any moment to destroy everything.
The Binance platform has the confidence of almost everyone, and users around the world will be happy to adopt Binance for their countries and allow them to trade and invest, but Binance is moving towards taking over the entire market, and what it did with the FTX platform was clear evidence of the brutality of this platform and its mighty ability to destroy its opponents if it is not possible They have to buy their market share. The platform spent millions of dollars only to eliminate FTX after it supported Elon Musk with $500 million to complete the Twitter platform purchase deal, and no one knows yet the feasibility of this step. This means that nearly a billion dollars were spent in less than a month.
Topic: BlockFi platform officially declares bankruptcy. (Read 52 times)
This particular platform was suffering from major problems despite being one of the largest contributing platforms in the market. Since its lunch in 2017, the platform has acted like a bank, as it pays interest to its customers in exchange for deposits, and delivers those deposits in the form of loans to other corporate clients.
Two days ago, the platform officially applied to the New Jersey Bankruptcy Court for bankruptcy protection, due to its inability to pay debts amounting to one billion dollars to about 100,000 creditors. This came as a direct result of the crash of the FTX exchange and the deterioration of cryptocurrency prices since then.
The platform has debts of $275 million to the FTX platform, its second largest creditor after Ankura Trust, which represents all its creditors with a value exceeding $700 million. Even the SEC owes her $30 million.
It is noteworthy that BlockFi is not the only platform that applied for bankruptcy protection, as it was preceded by Celcius Network and Voyager Digital, all companies linked to the FTX Stock Exchange, whose collapse caused them all to go bankrupt.
I didn't find any threads discussing this in this section. I think the topic is important and it should be mentioned in this section, which is considered the most active section on the forum.
Two days ago, the platform officially applied to the New Jersey Bankruptcy Court for bankruptcy protection, due to its inability to pay debts amounting to one billion dollars to about 100,000 creditors. This came as a direct result of the crash of the FTX exchange and the deterioration of cryptocurrency prices since then.
The platform has debts of $275 million to the FTX platform, its second largest creditor after Ankura Trust, which represents all its creditors with a value exceeding $700 million. Even the SEC owes her $30 million.
It is noteworthy that BlockFi is not the only platform that applied for bankruptcy protection, as it was preceded by Celcius Network and Voyager Digital, all companies linked to the FTX Stock Exchange, whose collapse caused them all to go bankrupt.
I didn't find any threads discussing this in this section. I think the topic is important and it should be mentioned in this section, which is considered the most active section on the forum.
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