{"id":11269,"date":"2024-02-07T15:27:24","date_gmt":"2024-02-07T15:27:24","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=11269"},"modified":"2024-02-07T15:27:41","modified_gmt":"2024-02-07T15:27:41","slug":"blockfi-and-three-arrows-capital-3ac-reach-settlement","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/blockfi-and-three-arrows-capital-3ac-reach-settlement\/","title":{"rendered":"BlockFi and Three Arrows Capital (3AC) Reach Settlement!"},"content":{"rendered":"

A settlement agreement between the defunct crypto hedge fund Three Arrows Capital (3AC) and BlockFi has been approved by a US judge,<\/span> but the details will remain confidential.<\/span><\/p>\n

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You might like:\u00a0M<\/strong><\/em><\/span>icroStrategy Buys More Bitcoin!<\/strong><\/em><\/span><\/a><\/p>\n<\/blockquote>\n

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

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

However,<\/span> BlockFi requested that certain information be redacted,<\/span> arguing that it was commercially sensitive and could affect its ongoing lawsuit against the bankrupt crypto exchange FTX.<\/span><\/p>\n

\"BlockFi<\/p>\n

The court granted the sealing request,<\/span> citing the need to protect settlement strategies and show deference to comity in 3AC’s foreign bankruptcy proceedings.<\/span><\/p>\n

Approval by Michael Kaplan <\/span>(BlockFi<\/span>)<\/span><\/h2>\n

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

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

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Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0Telegram<\/strong><\/a>,\u00a0YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a> for the latest news and updates.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

A settlement agreement between the defunct crypto hedge fund Three Arrows Capital (3AC) and BlockFi has been approved by a US judge, but the details will remain confidential. You might like:\u00a0MicroStrategy Buys More Bitcoin! The settlement, which resolves the dispute between crypto lender BlockFi and the liquidated crypto hedge fund 3AC, was approved by Michael<\/p>\n","protected":false},"author":1,"featured_media":11270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[4197,393,496,3117,4198,4102,1679,4103],"class_list":["post-11269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockfi","tag-crypto","tag-ftx","tag-kyle-davies","tag-michael-kaplan","tag-opnx","tag-su-zhu","tag-three-arrows-capital-3ac"],"yoast_head":"\nBlockFi and Three Arrows Capital (3AC) Reach Settlement! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A settlement agreement between the defunct crypto hedge fund Three Arrows Capital (3AC) and BlockFi has been approved by a US judge.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/blockfi-and-three-arrows-capital-3ac-reach-settlement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockFi and Three Arrows Capital (3AC) Reach Settlement! 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