Source: SFGate
“The San Francisco cryptocurrency startup Archblock just filed for bankruptcy, throwing millions of dollars into question and continuing a slog of legal woes. Archblock has been plagued with legal trouble over the past few years, facing fraud allegations from the Securities and Exchange Commission and in a civil lawsuit from another crypto company. On Friday, Archblock and its subsidiaries filed a petition for Chapter 11 bankruptcy protection, which lets a company reorganize its debts. The company’s filing makes its financials look dire: It estimates that its assets are worth between $1 million to $10 million, against liabilities between $100 million to $500 million. But one subsidiary, TrustToken, claims in its own filing to have $100 million to $500 million in assets against just $10 million to $50 million in debt. The other subsidiaries tack on millions more for each column — it’s as yet unclear how the overall company will aim to reorganize in this bankruptcy process.” (02/11/25)
https://www.sfgate.com/tech/article/crypto-bankruptcy-archblock-21343919.php