BlockFi to Shut Down Crypto Lending Platform.

BlockFi, a bankrupt cryptocurrency lender, plans to liquidate its cryptocurrency lending platform after concluding that selling the business to a new owner wouldn’t generate enough value for its creditors. The company owes nearly $1.3 billion to its top 50 creditors, and after engaging with potential buyers, it concluded that a sale might not generate meaningful value for creditors. The success or failure of pending litigation against its commercial counterparties will make a difference in excess of $1 billion to clients. BlockFi believes its proposed liquidation plan is the fastest way to return the funds in digital-wallet accounts to customers.