tl;dr
Bankrupt crypto lender BlockFi's plan administrator has requested a U.S. court order for the final distribution to fully compensate customers and unsecured creditors. The administrator closed a substantial transaction, monetizing $874.5 million in claims against FTX at a significant premium. This ou...
BlockFi's plan administrator is seeking a court order for the final distribution to customers and creditors, representing a positive outcome for all parties involved. The bankrupt crypto lender's administrator has requested a U.S. court order to fully compensate customers and unsecured creditors. This request follows the closure of a substantial transaction, monetizing $874.5 million in claims against FTX at a significant premium. The administrator described this outcome as the best possible for BlockFi's customers and intends to promptly initiate the Final Customer Distribution.
"This transaction marks a final chapter in the wind-down and is the best possible outcome for customers of BlockFi," said Mohsin Y. Meghji, Plan Administrator of BlockFi Inc. The administrator seeks an order that would provide for final distribution to all eligible customers and unsecured creditors, as outlined in a report filed to the U.S. Bankruptcy Court for the District of New Jersey.
BlockFi, which filed for bankruptcy protection in November 2022 due to the collapse of crypto exchange FTX, recently announced plans to start interim crypto distributions through Coinbase in July 2024. Despite being an early victim of the FTX collapse, BlockFi's path toward distribution represents progress in resolving the aftermath of the exchange's downfall.
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