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<p>Unsatisfied creditors of cryptocurrency lending firm BlockFi have filed a petition in court against the company's restructuring plan. They claim that BlockFi incurred significant losses by selling crypto assets during the market downturn before filing for Chapter 11 bankruptcy. The creditors have requested the United States Bankruptcy Court in Trenton, New Jersey, to expedite the case resolution. In their filing, the creditors accused BlockFi of purchasing a $30 million insurance policy with customer funds after declaring <a href="https://coingabbar.com/en/crypto-currency-news/core-scientific-a-giant-in-bitcoin-mining-may-soon-file-for-bankruptcy" rel="noopener noreferrer nofollow">bankruptcy.</a> However, BlockFi has not provided any comment on these allegations.</p>

Allegations: BlockFi Purchases $30M Insurance Policy with Customer Funds

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Other articles published on May 17, 2023

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