BlockFi Gets Court Approval for Restructuring Plan After Revisions

Bankrupt crypto lending firm BlockFi gets court approval for restructure plan.
Judge tasks BlockFi with compiling creditor list, highlighting top 50 unsecured creditors.
BlockFi's chief restructuring officer supports the new plan.
BlockFi previously presented liquidation plan on Nov. 28, had to revise.
FTX lawyers criticized latest BlockFi plan in September, asked court to reject it.

decrypt.co

Relevant topic timeline:

8/30/2023

BlockFi asks court for permission to convert trade-only assets into stablecoins

BlockFi, a bankrupt crypto lending firm, has requested the transfer of "trade-only" assets from users' accounts into stablecoins to facilitate the withdrawal of funds.

9/8/2023

Australian Fintech Block Earner Launches Crypto-Backed Loans Amid Lawsuit Over Licensing

Australian fintech firm Block Earner is moving forward with plans to launch a crypto-backed loans product, despite facing legal action from the financial regulator for allegedly operating without a license, and aims to fit neatly into existing licensing models.

9/26/2023

Celsius Creditors Approve Reorganization Plan Despite Some Objections

Crypto lender Celsius has received approval from its creditors for a plan that would return 67%-85% of holdings, bringing the company closer to the end of its bankruptcy and the return of funds to customers.

9/29/2023

BlockFi Creditors Approve Bankruptcy Plan, Paving Way for Asset Recovery and Increased Payouts

The bankruptcy restructuring plan of BlockFi has been approved by its creditors, allowing the firm to reimburse its clients and recover lost assets from FTX and Three Arrows Capital.

10/13/2023

BlockFi Lost Over $1 Billion in Loans to Alameda Before Its Collapse

BlockFi CEO Zac Prince testified that his lending firm was forced to declare bankruptcy due to its involvement with FTX and Alameda Research, with BlockFi losing over a billion dollars in total. Alameda Research borrowed more than $1 billion from BlockFi, repaying it and then borrowing an additional $850 million before ultimately collapsing.

10/17/2023

Bankruptcy Courts are Becoming Crypto's Accidental Regulators, Highlighting Need for Real Oversight

Bankruptcy courts have taken on the role of accidental regulators in the crypto industry as a result of the lack of established oversight, but their intervention has not been successful in bringing order to the market, highlighting the need for comprehensive regulation in the industry.

10/24/2023

BlockFi Re-Opens Withdrawals, Lets Users Access Funds After Emerging from Bankruptcy

Crypto lending platform BlockFi has emerged from bankruptcy and is now allowing both U.S. and international users to submit withdrawal requests, with plans to repay creditors and attempt to recover assets from other firms.

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Posted 9/27/2023, 9:28:12 AM