5 Crypto Companies Hit By The Recent Crash

3. BlockFi

BlockFi is one of the world’s leading cryptocurrency companies, founded to provide credit services. The company offers consumer financing services and loans to crypto asset owners. It also provides risk management, financial technology, and digital financing solutions.

Having suffered a loss of $80 million due to bad debt from Three Arrows Capital, the company can now be called one of the crypto companies hit by the crypto market downturn. This June, BlockFi also made an announcement that the company would terminate 20% of its workforce.

The company could not avoid the fallout from Three Arrows Capital’s collapse, as it had suffered a huge loss from 3AC’s bad debt. BlockFi also announced that it would no longer accept Grayscale Bitcoin shares as collateral because of its exposure to Three Arrows Capital’s downfall, as the latter had once owned over 5% of the Grayscale Bitcoin Trust. FTX has since agreed to purchase the hard-hit BlockFi for $240 million.