BITCOIN UNSUAL PUMP
We do not yet fully understand the extent of FTX's fraud or the extent to which it has been covered up, despite the daily influx of news and tales. The story is now far from done because this week she filed for Chapter 11 bankruptcy. Now that so many cryptocurrency businesses are failing, Bitcoin is experiencing an unexpected pump. Blockfi submitted its petition for chapter 11 bankruptcy on Monday. You should be aware that many businesses choose this path since they receive protection and no one is ever sued.
There was a report that the Miami stadium and Stephen Curry were attempting to sue the FTX exchange. The FTX appeared to have legal protection as soon as they filed for Chapter 11 bankruptcy. The business was losing a lot of its assets, so they decided against filing a lawsuit. There is now no pending judgment against Sam, but it does not mean that the corporation that receives several monopolies is entitled to a get-out-of-jail-free card.
They announced some strange news on the first day of the Blockfi hearing about owing FTX and Alameda more than $1 billion. Blockfi acknowledged on Tuesday that they were likely going to lay off a significant portion of its remaining employees by filing the legally needed warning notices for mass layoffs. Some people are still being laid off; among the major tech businesses are Amazon, which is laying off roughly 10,000 workers. You should be thankful that you have income this holiday season because many families lost their jobs before it.
There are many more folks who will still be able to pay their payments while we are experiencing this recession. Blockfi has chosen to sue FTX creator Sam Bankman-Fried over the Robinhood shares that were given as collateral, despite the fact that they are still dealing with these issues. Sam Bankman-Fried is involved in this since he put a significant amount of that money into Robinhood stocks. At first, Blockfi owns the money in case something happens. Now that the money has vanished, it appears that Blockfi is attempting to recover it in accordance with their contract.