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Galston + Daniel Henninger + Holman W. Jenkins + Andy Kessler + William McGurn + Walter Russell Mead + Peggy Noonan + Mary Anastasia O'Grady + Jason Riley + Joseph Sternberg + Kimberley A. Strassel + Allysia Finley More + Editorials + Commentary + Future View + Houses of Worship + Cross Country + Letters to the Editor + The Weekend Interview + Potomac Watch Podcast + Foreign Edition Podcast + Free Expression Podcast + Opinion Video + Notable & Quotable * Books & Arts Reviews + Film + Television + Theater + Masterpiece Series + Music + Dance + Opera + Exhibition + Cultural Commentary + Art Sections + Arts + Books More + WSJ Puzzles + Life Video + Arts Video + What To Watch * Real Estate Sections + Commercial Real Estate More + Real Estate Video * Life & Work Sections + Cars + Careers + Food & Drink + Home & Design + Ideas + Personal Finance + Recipes + Travel + Wellness Columns + Your Health + Work & Life + Carry On + Bonds + Turning Points + On Wine + On The Clock More + WSJ Puzzles + Space & Science * Style Sections + Lifestyle + Fashion + Film + Television + Music + Art & Auctions Columns + My Monday Morning + Off Brand + On Trend * Sports Sections + Beijing 2022 Olympics + MLB + NBA + NFL + Golf + Tennis + Soccer Columns + Jason Gay Search [ ]Search Share * Facebook * Twitter * LinkedIn * Copy Link * Pro Bankruptcy Distress BlockFi Prepares for Potential Bankruptcy as Crypto Contagion Spreads BlockFi, financially entangled with the now-bankrupt FTX, is planning to lay off workers and exploring a bankruptcy filing itself, people familiar say Cryptocurrency exchange FTX was seen as a survivor in a struggling industry, but over the course of six days the exchange collapsed due to a sudden liquidity crunch. WSJ explains the factors that drove FTX's growth and what led to its downfall. Illustration: Alexandra Larkin By Alexander Gladstone , Vicky Ge Huang and Soma Biswas Updated Nov. 15, 2022 1:38 pm ET Cryptocurrency lender BlockFi Inc. is preparing a potential bankruptcy filing after halting withdrawals of customer deposits and acknowledging it has "significant exposure" to bankrupt exchange FTX, people familiar with the matter said. BlockFi paused withdrawals and limited activity on its platform last week, saying it couldn't operate business as usual given the uncertainty about FTX. BlockFi is now planning to lay off some of its workers while the troubled firm prepares for a possible chapter 11 itself, people familiar with the matter said. [wsj-logo-b] Continue reading your article with a WSJ membership View Membership Options Already a member? Sign In Resume Subscription We are delighted that you'd like to resume your subscription. 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