EddieJayonCrypto
7 Mar 24
After declaring bankruptcy following the collapse of FTX, crypto lender BlockFi has reached an agreement with the estates of FTX and Alameda Research for nearly $1 billion, potentially leading to full value recovery for customers. The settlement includes a total of $874.5 million in claims against F...
After declaring bankruptcy following the collapse of FTX, crypto lender BlockFi has reached an agreement with the estates of FTX and Alameda Research for nearly $1 billion, potentially leading to full value recovery for customers. The settlement includes a total of $874.5 million in claims against FTX and Alameda Research, with $250 million being treated as a secured claim. This outcome is seen as an excellent result for BlockFi's customers and creditors, allowing the company to prioritize customer distributions over litigation with FTX.
BlockFi retained over $400 million, while FTX was one of its largest creditors with a $275 million claim. The negotiated agreement paves the way for BlockFi's full recovery and marks a positive turning point for the company's future.
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