ChainCatcher news, the bankruptcy judge approved the sale of BlockFi's mining machines and other physical assets for $4.7 million. These assets were sold to a company named US Farms.Related attorneys stated that the deal was reached after a "very competitive" auction process, which included five bids for the complete mining asset package and seven additional partial bids.It is reported that BlockFi is one of the largest lenders in the Bitcoin mining sector, and the company intends to sell $160 million in mining loans. Many of these are secured by ASIC mining machines, and since the prices of ASIC machines have significantly dropped last year, these loans may now be under-collateralized. (source link)

ChainCatcher news, the International Swaps and Derivatives Association (ISDA) stated that the organization will develop new standards and guidelines for digital assets to address bankruptcy events of cryptocurrency companies like FTX, aiming to prevent creditors from being trapped in bankruptcy cases lasting for years, such as that of FTX. It is reported that the new standards and guidelines for digital assets will focus on issues related to termination netting and collateral, resolving problems associated with customer digital assets held by intermediaries, including: specific issues regarding how to hold these assets, how to handle these assets in the event of bankruptcy, and how to achieve the expected level of customer asset protection regarding related documentation and due diligence issues that need to be addressed. (Source link)

ChainCatcher news, according to sources cited by Blockworks, the crypto investment firm Multicoin Capital has lost more than half of its flagship fund's capital in about two weeks. Three sources stated that due to the FTX bankruptcy event, Multicoin's assets dropped by 55% in approximately two weeks. In addition to 9.7% of its assets being held by FTX, the losses were also attributed to its long-term bullish stance on Solana and Solana ecosystem assets, such as Mango, holding equity in FTX.US, and unfinished derivatives contracts.Furthermore, Multicoin has no plans to shut down its flagship product or switch to proprietary trading, and is also working on improvements to operations and infrastructure, including efforts to reduce counterparty risk. In response, a Multicoin spokesperson declined to comment. (source link)

ChainCatcher news, Blockworks cites three informed sources reporting that due to the FTX bankruptcy event, Multicoin's asset scale has dropped by 55% in about two weeks. This loss is in addition to the approximately 10% of its fund assets that were reported by The Block to be frozen on FTX.According to sources, the losses were also due to its long-term bullish stance on Solana and the Solana ecosystem project Mango, holding equity in FTX.US, and unfinished derivatives contracts.In addition, Multicoin has no plans to close its flagship products or switch to proprietary trading, and is also introducing improvements in operations and infrastructure, including efforts to reduce counterparty risk, etc. (source link)