{"id":14686,"date":"2024-03-07T07:35:32","date_gmt":"2024-03-07T07:35:32","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=14686"},"modified":"2024-03-07T07:35:32","modified_gmt":"2024-03-07T07:35:32","slug":"blockfi-settles-with-ftx-alameda-estates-for-874-5m","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/blockfi-settles-with-ftx-alameda-estates-for-874-5m\/","title":{"rendered":"BlockFi Settles With FTX, Alameda Estates for $874.5M"},"content":{"rendered":"

BlockFi, the bankrupt crypto lender entangled in the fallout from FTX’s collapse, has reached a landmark agreement with FTX and Alameda Research, as part of its bankruptcy and restructuring efforts. According to recent court filings, BlockFi has secured an “in principle” agreement with the estates of FTX and Alameda Research, totaling nearly $1 billion. This development holds significant promise for BlockFi’s customers, potentially leading to full value recovery.<\/p>\n

Under the terms of the settlement, BlockFi<\/a> stands to receive $874.5 million in claims against FTX and Alameda Research. Notably, $250 million will be designated as a secured claim, prioritizing BlockFi’s repayment following FTX’s anticipated exit from bankruptcy, contingent upon approval from creditors.<\/p>\n

In exchange, FTX will withdraw its claims against BlockFi, facilitating the payout of BlockFi’s remaining claims in alignment with FTX’s restructuring plan. However, final approval from a judge is still pending.<\/p>\n

Kenneth Aulet, a partner at Brown Rudnick representing the Committee of Unsecured Creditors, expressed satisfaction with the outcome, emphasizing the protection of BlockFi’s claims against FTX and the resolution of potential clawback claims. This agreement is hailed as a boon for BlockFi’s customers and creditors alike.<\/p>\n

The relationship between FTX, Alameda, and BlockFi has been intricate and interconnected. BlockFi had secured a $400 million credit line from FTX, while FTX, operating as West Realm Shires, emerged as one of BlockFi’s primary creditors with a $275 million claim.<\/p>\n

The negotiated settlement is hailed as a significant victory for BlockFi and its customers, surpassing initial expectations outlined in the bankruptcy plan. Crucially, it reallocates resources earmarked for potential litigation with FTX towards customer distributions, ensuring a more favorable outcome for all parties involved.<\/p>\n

\n

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram<\/strong>\u00a0 ,<\/a>YouTube<\/strong><\/a>\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n<\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

BlockFi, the bankrupt crypto lender entangled in the fallout from FTX’s collapse, has reached a landmark agreement with FTX and Alameda Research, as part of its bankruptcy and restructuring efforts. According to recent court filings, BlockFi has secured an “in principle” agreement with the estates of FTX and Alameda Research, totaling nearly $1 billion. This<\/p>\n","protected":false},"author":1,"featured_media":14687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[2061,4197,496],"class_list":["post-14686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-alameda","tag-blockfi","tag-ftx"],"yoast_head":"\nBlockFi Settles With FTX, Alameda Estates for $874.5M - Coin Engineer<\/title>\n<meta name=\"description\" content=\"BlockFi Reaches $874.5 Million Settlement with Bankrupt FTX and Alameda Estates, Potentially Enabling Full Customer RecoveryBlockFi.\" \/>\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-settles-with-ftx-alameda-estates-for-874-5m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockFi Settles With FTX, Alameda Estates for $874.5M - 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