BlockFi receives bankruptcy court approval to repay 100% of customer funds
The bankrupt cryptocurrency lending company BlockFi has received approval from the US Bankruptcy Court in New Jersey to repay 100% of customer funds. The New Jersey Bankruptcy Court approved the plan on July 26th, and the company expects asset distribution for US customers to begin within 90 days, but international customers may face longer waits. The bankrupt cryptocurrency lending company sought court approval to monetize the $874.5 million claim against FTX, which is far higher than the face value. Previously, BlockFi reached a principle settlement of $874.5 million with FTX and Alameda Research, enabling the plan administrator to begin planning for distribution to creditors.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Trump-backed World Liberty Financial taps Chainlink to drive mass DeFi adoption
ZKsync approves proposal to distribute 325 million ZK tokens to boost liquidity across chains
Shiba Inu Community Pushes Token Toward $0,001
Can You Turn $500 Into $500 With These Cryptocurrencies?