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BlockFi Settles With FTX, Alameda Research For $874.5 Million
Summary: BlockFi, the bankrupt cryptocurrency lending firm, has reached a nearly $1 billion "in-principle" agreement with FTX and Alameda Research, which could help BlockFi clients recover all their assets, according to a court filing that still needs a judge sign. Under the settlement, BlockFi will receive claims totaling $874.5 million against FTX and Alameda Research. The ...
BlockFi, the bankrupt cryptocurrency lending firm, has reached a nearly $1 billion "in-principle" agreement with FTX and Alameda Research, which could help BlockFi clients recover all their assets, according to a court filing that still needs a judge sign.
Under the settlement, BlockFi will receive claims totaling $874.5 million against FTX and Alameda Research. The $250 million will be considered a secured claim and will be paid first to BlockFi upon creditor approval of FTX’s bankruptcy plan filed in December.
FTX will waive its claims against BlockFi and, under the settlement agreement, BlockFi’s remaining claims will be paid like other similar claims under FTX’s program.
BlockFi was in trouble due to the FTX contagion and declared bankruptcy just days after the trading platform collapsed.
Tags: Alameda Research,BlockFi,FTX
Link: BlockFi Settles With FTX, Alameda Research For $874.5 Million [Copy]
