Crypto company, BlockFi, filed for bankruptcy this week after their partner company, FTX, collapsed.

BlockFi, a troubled cryptocurrency company, has filed for bankruptcy in the US as the dramatic collapse of FTX continues to echo throughout the business industry.

The company has already suspended most of its operations on the platform, explaining that it has a significant exposure to FTX.

To help it restructure its debt, BlockFi filed for court protection on Friday.

FTX has been helping many businesses recover from the plunge in cryptocurrency values, including BlockFi earlier this year.

FTX, a crypto exchange, ran into some problems this month when people started pulling money out of it due to lack of confidence in the company’s finances.