Cryptocurrency lender BlockFi is considering filing for bankruptcy, the Wall Street Journal reported on Tuesday.

Last week, BlockFi stopped withdrawals and limited activity on its platform, explaining that it had "significant exposure" to FTX as cryptocurrency firms felt the knock-on effects of the exchange's collapse.

According to the Wall Street Journal, people familiar with the matter said that BlockFi is currently preparing to lay off employees and may be planning to file for bankruptcy protection on its own.

BlockFi said in a statement on Twitter last week that it was unable to run its business as usual given the lack of transparency from FTX, FTX US and Alameda.

In a statement on Monday, the company said it was "working around the clock to achieve the best possible outcome in light of last week's events." The company also explained that rumors that "the majority of BlockFi's assets are held in custody at FTX are false," but that they have "significant exposure to FTX and related corporate entities, including debt owed to us by Alameda, assets held at FTX.com, and amounts drawn from FTx.us lines of credit."