RABIT Weekly News (W1 December 2022)

Blockfi filed for bankruptcy protection in the court for the district of New Jersey. Blockfi received a $400 million limit loan from FTX and Alameda research. Blockfi official said, ‘We have sold $239 million of cryptocurrency and may fire two-third of all employees.”
Morgan Stanley has identified 63 companies with significant exposure to FTX. Among those firms, 19 were listed companies, and 15 were exposed to FTX risks.
Genesis Global Capital has hired investment bank Moelis & Company as a restructuring advisor to explore options, including a potential bankruptcy. Genesis reports, “our goal is to overcome the current situation without bankruptcy.” However, Genesis Global Capital has roughly $575 million in liability.