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Posted 9/26/2023, 10:20:16 PM

BlockFi Bankruptcy Plan Approved, Bringing Creditors Closer to Repayment But Concerns Remain Over FTX Ties

U.S. Bankruptcy Court approved BlockFi's liquidation plan, moving creditors closer to repayment.
BlockFi owes over $10 billion to more than 100,000 creditors.
Amount creditors receive depends on BlockFi's legal battle with FTX.
BlockFi blamed FTX collapse for its own bankruptcy.
Creditors concerned about BlockFi's ties to FTX and Sam Bankman-Fried.

cointelegraph.com

Relevant topic timeline:

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.

10/24/2023

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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