Bankrupt crypto lender BlockFi Inc. plans to sell about $160 million of loans backed by around 68,000 Bitcoin mining machines, according to two people familiar with the matter.
The Jersey City, New Jersey-based company, which filed for protection from creditors in November, started on the bidding process for the loans last year, the people said. Some of the loans have already defaulted and appear to be undercollateralized given the current prices of Bitcoin mining equipment, according to the people. BlockFi didn’t immediately return a message seeking comment.
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