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<div class="cryptonews"> 
 <p class="is-style-lead">Judge Michael Kaplan <a rel="dofollow" title="plans" href="https://thebittimes.com/tag/plans.html">plans</a> to <a rel="dofollow" title="approve" href="https://thebittimes.com/tag/approve.html">approve</a> BlockFi’s <a rel="dofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> plan. Therein, some clients will receive partial compensation in Bitcoin (BTC) or Ethereum (ETH).</p> 
 <p>Depending on the outcome of BlockFi’s legal battle with FTX exchange and Three Arrows Capital (3AC) hedge fund, unsecured creditors may receive between 35% and 63% of their funds by the end of 2023. The exact amount of compensation is uncertain and could potentially be affected by up to $1 billion.</p> 
 <p>According to&nbsp;reports&nbsp;on Sep. 26, Michael Kaplan also said he will reject the objections raised by the U.S. Department of Justice’s bankruptcy watchdog regarding the termination of BlockFi’s senior management in the <a rel="dofollow" title="liquidation" href="https://thebittimes.com/tag/liquidation.html">liquidation</a> plan.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> BlockFi battles FTX, 3AC in court over repayment claims 
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 <p>On Nov. 11, 2022, BlockFi suspended withdrawals following the turmoil in FTX and Alameda Research.&nbsp;</p> 
 <p>A few days prior, Flory Marques, the platform’s founder, had reassured clients that their products were functional and the business was free from Sam Bankman-Fried’s companies.</p> 
 <p>Less than three weeks after suspending withdrawals, BlockFi and eight subsidiaries filed for bankruptcy under Chapter 11 of the U.S. Bankruptcy Code.&nbsp;</p> 
 <p>In May 2023, the <a rel="dofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a>&nbsp;permitted&nbsp;BlockFi to return $300 million to customers with funds held in custodial accounts. However, the <a rel="dofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> did not recognize this amount as the platform’s property. After a failed attempt to sell the platform, the manager announced its intention to liquidate the company.</p> 
 <p>The compensation set for distribution primarily hinges on the pending proceedings involving the collapsed crypto exchange FTX, Alameda Research, and the bankrupt hedge fund, 3AC.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Creditors request BlockFi’s dissolution, accuse CEO of fraud and extortion 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/us-court-plans-to-approve-blockfi-s-liquidation-plan-tbt64170.html">https://thebittimes.com/us-court-plans-to-approve-blockfi-s-liquidation-plan-tbt64170.html</a></p>

US court plans to approve BlockFi’s liquidation plan

TheBitTimes

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