Crypto lender BlockFi is ready to file for bankruptcy due to its “substantial exposure” to the collapsed crypto exchange FTX- The Wall Street Journal reported on Tuesday.

The lender rejected allegations that the majority of its assets were held at FTX, although it did concede on Monday that, in addition to deposits on the platform, it had an undrawn line of credit from FTX and obligations payable to it.

BlockFi suspended user withdrawals last week in the aftermath of FTX’s implosion, which began with a CoinDesk piece raising concerns about the balance sheet of FTX’s sibling company, trading firm Alameda Research.

BlockFi did not immediately reply to a request for comment on the bankruptcy petition.