First Mover Americas: FTX’s Empire Is Crumbling

Crypto lender BlockFi has paused withdrawals, saying it cannot conduct business normally in the wake of FTX’s collapse. The move comes even though two days ago Chief Operating Officer Flori Marquez said that BlockFi was “fully operational” and that it was an independent entity. In July, FTX US agreed to provide BlockFi a $400 million line of credit, which also gave the crypto exchange the right to acquire BlockFi. That deal, of course, is now in doubt.