The International Space Station (ISS) received a fresh batch of supplies on Sunday with the arrival of SpaceX’s Dragon cargo ship, marking the company’s 26th resupply mission to the orbiting station.
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A lot of people looking for a dedicated camera see the hype surrounding mirrorless systems and wonder whether a digital single-lens reflex camera is still worth it in 2022. And the answer is: absolutely! While camera tech is shifting toward mirrorless, there are still plenty of amazing DSLR cameras you shouldn’t…
While Tim Burton’s Wednesday certainly attempts to imitate the aesthetic of the ‘90s Addams Family films, the surrounding plot and characters of Netflix’s newest teen drama fails to capture the morbid charm of Charles Addams’ gothic family.
Cryptocurrency lender BlockFi has filed for Chapter 11 bankruptcy protection. The move comes just over two weeks after BlockFi suspended all platform activity, including withdrawals, in the wake of crypto exchange FTX‘s implosion. “Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual,” the company said in an FAQ. Withdrawals remain paused.
“BlockFi’s chapter 11 cases will enable BlockFi to stabilize its business and provide BlockFi with the opportunity to consummate a reorganization that maximizes value for all stakeholders,” BlockFi said. “The court-supervised restructuring process is transparent and encourages dialogue between all stakeholders.”
As with many other players in the industry, BlockFi faced an uncertain future after several crypto companies crumbled in the spring, taking the prices of many cryptocurrencies down with them. Soon after, FTX agreed to prop up BlockFi with a $400 million credit line. The agreement also gave FTX the option to buy BlockFi for up to $240 million. As The New York Times notes, that meant the companies had close financial ties and FTX’s collapse into bankruptcy has had a knock-on effect on BlockFi.
“With the collapse of FTX, the BlockFi management team and board of directors immediately took action to protect clients and the company,” Mark Renzi of Berkeley Research Group, BlockFi’s financial advisor, said in a statement. “From inception, BlockFi has worked to positively shape the cryptocurrency industry and advance the sector. BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders.”
BlockFi says that, as part of its restructuring, it will “focus on recovering all obligations owed to BlockFi by its counterparties, including FTX and associated corporate entities.” However, it noted that recoveries from FTX are likely to be delayed, given that company’s bankruptcy process. In addition, BlockFi says it has $256.9 million in cash on hand, which should provide “sufficient liquidity to support certain operations during the restructuring process,” such as paying employee wages and continuing benefits.
In a court filing, BlockFi estimated it had more than 100,000 creditors and consolidated liabilities of between $1 billion and $10 billion. Among the listed creditors are FTX (to which it owes $275 million in loan repayments) and the Securities and Exchange Commission, which it owes $30 million.
Earlier this year, BlockFi agreed to pay $100 million to settle charges from the SEC and 32 states. The SEC claimed that BlockFi offered interest accounts without registering them under the Securities Act. The agency also found that the company made “false and misleading” claims related to the level of risk in its lending activity and loan portfolio.
Filing for Chapter 11 bankruptcy protection doesn’t inherently mean a company is done for. The process allows a struggling business to keep trading while it restructures and looks for ways to pay back creditors. However, bankruptcy isn’t easy to come back from, and BlockFi is just the latest in a long line of dominoes to fall in the precarious crypto industry.
“I will be an Albanian with papers too,” Lipa said before taking her citizenship oath.
Avatar: The Way of the Water officially gets a PG-13 rating, surprising no one. Tobin Bell is back as Jigsaw in some behind-the-scenes Saw X photos. And our first look at the new Transformers in the new ˆmovie—Optimus Primal, Rhinox, Airazor, and Cheetor—may have come from… a promotional coffee mug? Please buckle…
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The holidays only mean one thing for a certain type of person: a bounty of new video games to play.
At a time when superheroes are ridiculously omnipresent in popular culture, Batman is among the most prevalent of all. No matter the medium, stories starring or featuring DC’s flagship hero come out with such a frequency that it can sometimes be hard for particular stories to stand out. Even in the stories that focus…
Over the weekend, you might not have seen the shocking footage coming out of several major Chinese cities, with thousands upon thousands of protesters taking to the streets chanting “stand up,” or “down with [Chinese president] Xi Jingping.” You may not have seen the rare display of cohesion from the protesters around…
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