- New Jersey bankruptcy court approves auction of crypto mining assets for BlockFi.
- Petrie, BlockFi’s lawyer, necessitates expedient response to make most of crypto market conditions.
- BlockFi intends to sell assets to repay creditors and as a part of the restructuring process.
BlockFi, the crypto assets lender, received approval from the New Jersey bankruptcy court to put up its cryptocurrency mining assets for auction. It seeks to “act quickly” as suitors are seeking to buy all or part of the company.
Soon after the failure of Bankman-Fried’s FTX, the crypto financial service provider, BlockFi, had declared bankruptcy. According to Bloomberg, bankruptcy Judge, Michael Kaplan, approved their claim and allowed the crypto mining company to start auctioning their crypto mining assets.
As per recent observations made on Glassnode, Bitcoin’s price rose from under $17,000 to above $23,000 in January, making the crypto market volatile and a perfect time to sell crypto mining assets.Necessitating an expedient response to take advantage of the current crypto market conditions, BlockFi’s lawyer, Francis Petrie stated:
We’ve received substantial interest in the market for bidding purposes and current volatility in the cryptocu ...The post BlockFi Wins Approval to Auction Its Crypto Mining Assets appeared first on Coin Edition.