The company shared an announcement that it filed for voluntary Chapter 11 in the US Bankruptcy Court for the District of New Jersey.

The platform stated on Monday that activity continues to be paused at this time.

The company was given the chance to complete a comprehensive restructuring transaction after it filed for Chapter 11.

The company says it has enough cash to support certain operations during the restructuring process. Court documents show that BlockFi owes up to $729 million. FTX has a second largestUnsecured claim of $275 million.

The company said it will try to recover all of the obligations it owes.

The CEO of BlockFi said in July that FTX had an option to buy the company. Things have plummeted since then as FTX collapsed and also filed for Chapter 11 reorganization. Recoveries from FTX are expected to be delayed.

According to a court filing, the company has between $1 billion and $10 billion in debts and assets.

There are a number of companies that are going through Chapter 11.

At the time, the company was worth $3 billion. A number of other firms participated in the round led by Bain Capital Venture Partners.

According to a press release in February, BlockFi was charged by the SEC for failing to register its retail lending product and violating the Investment Company Act of 1940.

BlockFi will pay a $50 million penalty to the SEC and another $50 million in fines to other states to settle similar charges. BlockFi owes the SEC $30 million according to a filing.