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Bankruptcy of BlockFi and proof of reserve: the hour of reckoning has come for the crypto platform

Active passive – BlockFi is about to disclose information about its financial situation. The company is advancing in its bankruptcy proceedingsand it plays the transparency card to try to reassure its creators and regulators.

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BlockFi lays bare and reveals its finances

In series tweet from January 9, BlockFi announced that the company would file its annexes relating to its assets and its liabilities to the Court on January 11. The documents also contain information on payments that the company made for the benefit of initiatives or other interested parties, before it filed for bankruptcy.

Pending access to these appendices, on January 9, BlockFi made available to the general public a document that contains highlights relating to the company’s bankruptcy proceedings. In this presentation, the company says that since its first bankruptcy hearing in November last year, it has contacted 106 potential candidates nationally or internationally.

Presentation shared by BlockFi – Source: BlockFi

BlockFi would thus seek investors who would retain to acquire part or all of the society. The company plans to file a motion seeking the judge’s approval for the bidding procedures at the hearing on January 30.

Apart from these details relating to the search for potential buyers for the company, the document also includes data, which is apparently published for transparency purposes. BlockFi provides details on balance in cryptocurrencies on the platform, members of the company’s management.

The document clarifies that no member of the BlockFi management team made any withdrawals on the platform after October 14, or made any withdrawals greater than 0.2 BTC after August 17 of the year. last.

Will the publication of all this data help ease the tension between BlockFi and the victims of its bankruptcy? The company is trying to put on a good face, despite recent revelations about certain practices of the company before its bankruptcy.

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