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Bitcoin Booster Peter Thiel Takes a Hit in BlockFi Bankruptcy

Thiel’s Valar Ventures had a 19% stake in the crypto lender, according to documents filed with the bankruptcy court

The collapse of FTX has set off the largest crypto-related bankruptcy ever, and court filings are already shedding light on what went wrong and how complicated things could get. Here are three things to know about the company’s bankruptcy process. Photo: Lam Yik/Bloomberg News

The bankruptcy filing of cryptocurrency lender BlockFi Inc. is a black eye for one of the industry’s biggest boosters, tech investor Peter Thiel. 

A venture-capital firm spun out from Mr. Thiel’s Thiel Capital, Valar Ventures, owned 19% of BlockFi’s shares, according to documents filed with the bankruptcy court. That ranks Valar among BlockFi’s largest shareholders.  

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