Distressed crypto firm BlockFi has filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the District of New Jersey following the implosion of putative acquirer FTX. Like FTX, BlockFi also has a Bahamian subsidiary. BlockFi's bankruptcy filing shows that the company's largest disclosed client has a balance of nearly $28 million. The company started talking with restructuring professionals in the days after FTX's bankruptcy filing, according to people familiar with the matter. Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. subsidiary.

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