when

Partner

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/blockfi-sells-ftx-claims-at-premium" data-wpel-link="internal" rel="noopener noreferrer nofollow">BlockFi Sells FTX Claims at Premium</a><br></p>
<p style="text-align: justify">BlockFi, a now-defunct crypto lending firm, recently announced the sale of its FTX claims at a substantial premium over their nominal values. This development is a significant step in BlockFi’s bankruptcy process, aiming to ensure the full repayment of eligible customer and unsecured creditor claims. The successful transaction signals that BlockFi’s bankruptcy proceedings are nearing their conclusion.</p>
<h2 id="what-did-the-court-hear">What Did the Court Hear?</h2>
<p style="text-align: justify">Mohsin Y. Meghji, BlockFi’s plan administrator and Managing Partner at M3 Partners, informed the U.S. Bankruptcy Court for the District of New Jersey about the sale. This process, initiated on June 24 and concluded on July 10, resulted in an offer significantly higher than the nominal claim values. The details of the third party involved remain undisclosed, but this sale enables an imminent final distribution to BlockFi’s creditors.</p>
<h2 id="when-will-distributions-start">When Will Distributions Start?</h2>
<p style="text-align: justify">BlockFi agreed to an $874.5 million deal with FTX and Alameda Research estates in March. The premium from selling FTX claims ensures 100% repayment in fiat currency to eligible customers and general unsecured creditors. This outcome is considered optimal for BlockFi’s clients. The final distribution process is set to begin soon, though an exact date hasn’t been established.</p>
<h2 id="key-insights-for-stakeholders">Key Insights for Stakeholders</h2>
<p style="text-align: justify">Subsequent distributions will occur in batches over several months through Coinbase for crypto assets, while fiat claims will be processed by Kroll and Digital Disbursements. Here are essential points of interest for BlockFi stakeholders:</p>
<ul>
 <li>Non-U.S. customers require additional verification, which may delay funds.</li>
 <li>In-kind crypto distributions are slated to start in July.</li>
 <li>Fiat distributions will be handled by specialized payment processors.</li>
</ul>
<p style="text-align: justify">BlockFi’s bankruptcy saga began in November 2022 when it paused customer withdrawals and filed for Chapter 11 bankruptcy protection. In September 2023, the bankruptcy court approved its plan to repay 10,000 creditors. BlockFi had operated as a centralized lending entity, offering interest-bearing deposit accounts and lending user deposits within the crypto <a href="https://newslinker.co/category/science/space/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">space</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/blockfi-sells-ftx-claims-at-premium" data-wpel-link="internal" rel="noopener noreferrer nofollow">BlockFi Sells FTX Claims at Premium</a></h5>

BlockFi Sells FTX Claims at Premium

목차

BH NEWS

2024년 7월 23일에 게재된 다른 기사

There is Movement in US Spot Bitcoin ETFs! Investment Giant BlackRock's Spot Bitcoin ETF Register...

$1000 in Solana (SOL) or Ethereum (ETH)?

Will Ethereum Hit All-Time High in 2024? Here Are The Predictions

Shiba Inu (SHIB) Stays Ahead With 482% Burn Rate Surge

Ethereum Foundation Sells ETH Amid Spot Ether ETF Debut

Top 7 Altcoins Poised To Surge 15x BEFORE the US Election

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!