BlockFi is looking to sell $160 million worth of Bitcoin mining machine-backed loans amid bankruptcy proceedings, according to two sources 'familiar with the matter.'
Bankrupt crypto lending firm BlockFi has plans to sell off $160 million in loans backed by around 68,000 Bitcoin mining machines as part of bankruptcy proceedings, according to reports.on Jan. 24, two people “familiar with the matter” claim that BlockFi started the process of selling off the loans last year.to the now-defunct crypto exchange FTX for its downfall.given the decline in the price
In comments to Cointelegraph, crypto lawyer Harrison Dell, director at Australian law firm Cadena Legal explained that if Bitcoin mining equipment used as collateral is worth less than the value of the loans, the loans are “not worth their paper value anymore to BlockFi.” He added that selling the debt is likely “all that the administrators” for BlockFi can salvage for these assets.
“This is just the start of the asset sales from BlockFi and other crypto firms in Chapter 11 bankruptcy in the US.”
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