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Court Approves BlockFi's Plan to Repay Customers

Court Approves BlockFi’s Plan to Repay Customers

BlockFi’s liquidation plan has been approved by a United States Bankruptcy Court in New Jersey, bringing the cryptocurrency lending platform one step closer to repaying its 100,000-plus creditors. The amount of repayment received by unsecured creditors will depend on the outcome of BlockFi’s legal battle against FTX and other bankrupt cryptocurrency firms. The approval of the plan comes after BlockFi settled a dispute with the creditors committee over the company’s senior management. BlockFi owes up to $10 billion to its creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.

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