BlockFi
Valued at $3 billion in March 2021; in Chapter 11 by November 2022
A Jersey City crypto lender that paid interest on customers' crypto deposits, made dollar loans against crypto collateral, and offered trading.
- Capital raised (announced)
- Estimated
Sum of recorded announced rounds; no cash-receipt total is assumed.
- Creditors listed in the bankruptcy filing
Bankruptcy-period reporting; liabilities and creditors are distinct from customer recoveries.
- Liabilities declared at filing
Bankruptcy-period reporting; liabilities and creditors are distinct from customer recoveries.
- Clients at the March 2021 raise
- Estimated
Company-reported retail and institutional clients, March 2021; not an independently counted active-user total.
Funding
| Round | Date | Announced | Investors |
|---|---|---|---|
| Series A | 2019 |
| |
| Series B | 2020 | ||
| Series C | 2020 | ||
| Series D | 2021 |
|
Announced is what was said at the time. Cash actually received is rarely disclosed and is not assumed to match.
People
| Name | Role | Period | Now | Last checked |
|---|---|---|---|---|
| Zac Prince | — | Head of GalaxyOne, Galaxy Digital's retail investment platform | Oct 2026 | |
| Flori Marquez | — | SVP Crypto, SoFi (since June 2025) | Oct 2026 |
Timeline
2017
Started by Zac Prince and Flori Marquez.
5 March 2019
Customers could deposit Bitcoin or Ether and receive interest paid monthly in cryptocurrency. A private beta had run since January.
13 February 2020
The company reported more than $650 million in assets on its platform, up from $250 million the previous August.
20 August 2020
The company said it had more than $1.5 billion in assets on the platform.
11 March 2021
The company said it had more than $15 billion in assets on the platform, monthly revenue above $50 million and over 500 staff.
14 February 2022
BlockFi Lending agreed to pay $50 million to the SEC and $50 million to state regulators over its interest accounts, which regulators treated as unregistered securities, and to stop offering them to new US investors until registered.
1 July 2022
The deal also gave FTX US an option to buy BlockFi for up to $240 million.
10 November 2022
Within days of FTX's own collapse. BlockFi then said it had significant exposure to FTX and associated companies, including money owed by Alameda Research, assets held at FTX.com and undrawn amounts on the FTX US credit line.
28 November 2022
Filed in the US Bankruptcy Court for the District of New Jersey; a subsidiary filed in Bermuda at the same time. The filing listed a $275 million loan outstanding to FTX US.
How it ended
BlockFi halted withdrawals in November 2022, saying it had significant exposure to FTX and its affiliates, and filed for Chapter 11 in New Jersey on 28 November 2022. The case ended in a plan to wind the company down and return what assets remained to customers, rather than to keep it running.
What happened next
- Court ruling26 September 2023
Judge Michael A. Kaplan approved BlockFi's third amended Chapter 11 plan at a hearing, overruling objections from the US Trustee and others to releases for senior managers. FTX had also objected to the plan.
- Insolvency proceeding24 October 2023
BlockFi said the plan was effective and that it had emerged from bankruptcy, to wind down its remaining operations, reconcile claims and distribute assets. Recoveries from FTX and Three Arrows Capital were left to pursue.
- RecoveryMay 2024
BlockFi named Coinbase as its partner for remaining crypto distributions and said its web platform would shut down in May 2024. Clients unable to open a Coinbase account were to be paid in cash under the plan.
Still alive
Open spot
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Sources
18 sources behind this page.
- 1BlockFi Interest Account Now Live · BlockFi via PR Newswire · Mar 2019
- 2Crypto firm BlockFi files for bankruptcy as FTX fallout spreads · CNBC · Nov 2022
- 3Bitcoin Lender BlockFi Raises $30M in Series B Led by Peter Thiel's Valar Ventures · CoinDesk · Feb 2020
- 4Ex-BlockFi CEO Zac Prince Returns to Crypto Spotlight to Lead Galaxy Digital's New Banking Platform · CoinDesk · Oct 2025
- 5Michael Novogratz's Galaxy Hires Zac Prince, Former CEO and Co-Founder of BlockFi · CoinDesk · Feb 2025
- 6BlockFi emerges from bankruptcy and opens wallet withdrawals · Cointelegraph
- 7BlockFi Announces Web Platform Shut Down And Coinbase Distribution Partnership · Crowdfund Insider
- 8BlockFi Out Of Bankruptcy, Starts Wind Down Process · Crowdfund Insider
- 9Digital Asset Firm BlockFi Closes On $50 Million Series C Funding Led By Morgan Creek · Crowdfund Insider · Aug 2020
- 10BlockFi's Bankruptcy Plan Approved, Clearing the Path for Customer Payouts · CryptoPotato
Show 8 moreShow fewer
- 11GalaxyOne Head Wants Retail Investors to Stake More, Predict Less · Decrypt (syndicated on Yahoo Finance) · Apr 2026
- 12LinkedIn profile of Flori Marquez · LinkedIn (self-published profile, viewed by a person) · user-editable
- 13NASAA and SEC Announce $100 Million Settlement with BlockFi Lending, LLC · North American Securities Administrators Association · Feb 2022
- 14Crypto company BlockFi declares bankruptcy in the first big aftershock of FTX's fall · NPR · Nov 2022
- 15BlockFi Completes $350 Million Series D · PR Newswire (press release issued by BlockFi) · Mar 2021
- 16BlockFi confirms $350 million Series D funding round at $3 billion valuation · The Block · Mar 2021
- 17X account lookup: @FounderFlori · twitterapi.io (X data provider)
- 18BlockFi · Wikipedia · user-editable
Every figure above is clickable and opens the sources behind it. Copies were stored when each source was read, so a citation still resolves after the page it came from is gone.