"The prospect of on-going ill health and potential further strokes means the advice of his medical team, lawyer, accountant, family members and those who, due to his incapacity, would have been appointed his guardians ad litem, is for him to completely withdraw from any activity other than rehabilitation," the blog post read.
"This has led Cam to make the very difficult decision to declare bankruptcy, since he is unable to generate enough passive revenue to fund the three extremely expensive and in his opinion, vexatious, defamation actions against him."
The post also noted that due to his condition, Slater would be ending his involvement with Whaleoil to focus on his rehabilitation.
Comparing Whaleoil to US site Breitbart, the post noted that it is possible for a publication to survive and grow without its founder.
"Whaleoil has become very much bigger than just Cam. Unlike Breitbart, when and if Cam's health allows, he will return to the site, subject entirely to his medical team's clearance," the post said.
The post said Slater and his family would not be available for media comment.
