You might like: MicroStrategy Buys More Bitcoin!

The settlement, which resolves the dispute between crypto lender BlockFi and the liquidated crypto hedge fund 3AC, was approved by Michael Kaplan, a judge in the New Jersey Bankruptcy Court. Kaplan approved the deal to prevent further legal battles between the companies, as BlockFi claimed 3AC owed it $129 million, while 3AC argued BlockFi owed them $280 million.

Kaplan declined to disclose the details of the settlement, rejecting the objection to the seal, stating that the terms should remain confidential as the US Trustee failed to justify the need for the debtors to enter into the settlement.

However, BlockFi requested that certain information be redacted, arguing that it was commercially sensitive and could affect its ongoing lawsuit against the bankrupt crypto exchange FTX.

The court granted the sealing request, citing the need to protect settlement strategies and show deference to comity in 3AC’s foreign bankruptcy proceedings.

Approval by Michael Kaplan (BlockFi)

This approval allows BlockFi to proceed with distributions from its creditors to its creditors, which was a key reason for the expedited approval request. Judge Kaplan approved BlockFi’s amended Chapter 11 plan and customer repayment plan, which the company filed for liquidation in September 2023. According to estimates at the time, BlockFi owed up to $10 billion to over 100,000 creditors. Of this debt, $1 billion was owed to its three largest creditors and $220 million to 3AC.

Three Arrows Capital collapsed in June 2022, and BlockFi filed for bankruptcy in late November 2022 following the fall of FTX. In early February, OPNX, a crypto bankruptcy claims platform launched by 3AC co-founders Su Zhu and Kyle Davies, announced that it would officially cease all operations and close by February 14th.

The post BlockFi and Three Arrows Capital (3AC) Reach Settlement! appeared first on Coin Engineer.

OPNX Exchange was a venture of Three Arrows Capital (3AC), which collapsed along with the FTX crash.

How it Started, How it’s Ending

OPNX was a joint venture between Three Arrows Capital (3AC) executives Su Zhu and Kyle Davies. The exchange officially launched in April 2023, but it failed to gain the expected traction and the platform’s activity was very short-lived. OPNX did not provide any specific reason for its closure.

In September 2023, one of the co-founders, Su Zhu, was detained at Singapore Airport. He was then sent to prison for pre-trial detention by court order. The total assets of both partners, worth $1 billion, were frozen by a legal court in the Virgin Islands.

OPNX Exchange added the following to its closure announcement:

We are deeply grateful to each member of the OPNX community for their dedication and trust. As we close this chapter, we value the shared experiences and look forward with gratitude.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates.

The post OPNX Exchange to Cease Operations by End of February appeared first on Coin Engineer.