• About Us
  • Careers
  • Contact
No Result
View All Result
Wednesday, October 15, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Market Analysis
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverse
    • Glossary
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home News Latest News

BlockFi to Offer $160 Million in Bitcoin Mining-Backed Loans for Sale

24 January 2023
in Latest News, News
Reading Time: 3 mins read
106 2
BlockFi to Offer $160 Million in Bitcoin Mining-Backed Loans for Sale

image source: watcher.guru

BlockFi, the insolvent cryptocurrency lending company, has announced its plan to sell $160 million worth of loans secured by over 68,000 Bitcoin mining equipment as part of its bankruptcy process. According to two people with knowledge of the situation quoted in a report on January 24, BlockFi began the process of selling off the loans last year.

According to reports, some of these loans have already defaulted, and, given the drop in the cost of Bitcoin mining equipment, they might not be adequately collateralized. The report indicates that the deadline for bidders to make loan offers is January 24.

In November 2022, the crypto lender filed for Chapter 11 bankruptcy, attributing its failure to substantial exposure to the now-defunct crypto exchange FTX. 

Many cryptocurrency lenders, like BlockFi, entered the bitcoin mining market to improve their digital asset treasury. Since the previous crypto bear market, these loans have raised about $4 billion. New York Digital Investment Group (NYDIG), Celsius Network, Galaxy Digital, and Digital Currency Group (DCG) Foundry are some of the significant lenders to crypto-mining businesses.

With the struggling assets from mining companies and failed crypto lenders now available on the market, cryptocurrency asset management company Grayscale has formed a fund alongside Foundry to invest in Bitcoin mining equipment.

To retain employees, BlockFi pleaded with the court on January 23 to allow bonus payments. Although the digital asset business is going through a challenging time, chances for participation elsewhere still exist, according to chief public officer Megan Crowell.

To retain its employees, BlockFi has requested the court to allow bonus payments. According to Chief Public Officer Megan Crowell, chances for participation elsewhere still exist despite the company’s current challenges.

To minimize unmanageable pressure on the firm, Crowell requested approval of a retention program, noting that “the war for talent remains active.” In Crowell’s proposal, employees would receive a bonus equal to 20–50% of their income if they stayed with the company through January 31.

Crowell has also requested approval for a retention program to minimize the pressure on the firm, noting that “the war for talent remains active.” In her proposal, employees would receive a bonus equal to 20-50% of their income if they stayed with the company until January 31.

It should be noted that at the time of its bankruptcy, BlockFi reportedly sold $239 million worth of its cryptocurrency holdings to pay for costs and notified almost 70% of its workforce that their jobs would be lost.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

Share63Tweet39Share11
Favour Udeo

Favour Udeo

Favour is a writer, who is interested in blockchain, DeFi, and Web3 in general. She finds machine learning and emerging technologies interesting.

Related Posts

OKX blocks funds tied to Cambodia’s Huione Group after U.S. designates it a major crypto-linked money laundering network.
Crime

OKX Blocks Funds Linked to Huione Group Following U.S. Money Laundering Designation

15 October 2025
New York City Establishes First-Ever Municipal Office for Digital Assets and Blockchain
Blockchain

New York City Establishes First-Ever Municipal Office for Digital Assets and Blockchain

15 October 2025
Coinbase Strengthens India Footprint with Fresh Investment in CoinDCX
Crypto

Coinbase Strengthens India Footprint with Fresh Investment in CoinDCX

15 October 2025
Analysts Maintain Bullish Outlook for ‘Uptober’ Despite Record Crypto Liquidations
Crypto

Analysts Maintain Bullish Outlook for ‘Uptober’ Despite Record Crypto Liquidations

15 October 2025

Editors Picks

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

Web3 in 2025: Where We Are, What’s Next, and What the Data Says

byOlayinka Sodiq
21 July 2025
0

What Is a Rebase Token and How Does It Work?

What Is a Rebase Token and How Does It Work?

byOlajumoke Oyaleke
28 June 2025
0

What Are DeFi Options Vaults, and How Do They Work?

What Are DeFi Options Vaults, and How Do They Work?

byOlajumoke Oyaleke
26 June 2025
0

What Are Teardrop Attacks in Crypto?

byOlajumoke Oyaleke
17 June 2025
0

What Are Fractional NFTs, and How Do They Work?

What Are Fractional NFTs, and How Do They Work?

byBlessing Lisafi
7 February 2024
0

Read More

Chain of Thoughts

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

The Aesthetics of Web3: Why Vibe Matters in Decentralized Communities

byOlu Omoyele
27 September 2025
0

...

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

Zero-Knowledge Everything: Trust, Privacy, and Verification in the Digital Age

byOlu Omoyele
30 August 2025
0

...

What Happens When AI Gets a Wallet?

What Happens When AI Gets a Wallet?

byOlu Omoyele
31 July 2025
0

...

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

The Game-changing Triumvirate: Blockchain, Data Science, and Artificial Intelligence

byOlu Omoyele
30 June 2025
0

...

Markets Update

Crypto in Latin America: Adoption Booms as Media Visibility Falls

1 day ago

Your Weekend Crypto Roundup | October 2025 (Week 2)

5 days ago

Your Weekend Crypto Roundup | October 2025 (Week 1)

2 weeks ago

What $1 Billion in Liquidations Means for Market Stability

2 weeks ago

Why Crypto’s Cross-Chain Future Depends on Regulatory Readiness

2 weeks ago

MicroStrategy’s Debt-Fueled Bitcoin Buys: Smart Treasury Move or Dangerous Precedent?

2 weeks ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    xMoney Launches $XMN on Sui, Expands Listings Across Global Exchanges

    bychainwire
    15 October 2025
    0

    ZETA NETWORK GROUP (NASDAQ: ZNB) STRENGTHENS BALANCE SHEET WITH USD 231 MILLION BITCOIN-BACKED INVESTMENT AMID MARKET TURBULENCE

    bychainwire
    15 October 2025
    0

    On-Chain Cultural Assets: Decoding City Protocol’s IP Capital Market

    bychainwire
    14 October 2025
    0

    Tria raises $12M to be the leading self-custodial neobank and payments infrastructure for humans and AI.

    bychainwire
    14 October 2025
    0

    AriyaX Capital Launches AXPT: A Regulated Aviation-Backed Token Bringing Real-World Asset Yield to Blockchain

    AriyaX Capital Launches AXPT: A Regulated Aviation-Backed Token Bringing Real-World Asset Yield to Blockchain

    byGuest Author
    13 October 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Market Analysis
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverse
      • Glossary
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00