The long-run legal battle between bankrupt cryptocurrency firms BlockFi and FTX reached a debt settlement for $874.5 Million.
On March 6, FTX, Almeda Research, and BlockFi struck a deal after a long series of lawsuits. BlockFi will receive around $874.5 Million in claims against cryptocurrency firms. All three firms had a complicated and intertwined relationship. However, the debt settlement emerged as a full recovery for customers.
FTX settles with BlockFi
As stated in a court filing on March 6, BlockFi and FTX have settled their conflicts as FTX agreed to pay up to $874.5 Million to BlockFi. The terms and conditions are contingent upon acceptance by Judge John Dorsey from the U.S. Bankruptcy Court in Delaware.
Source: Gov.uscourts
If fulfilled, BlockFi’s claims against FTX will be resolved. As per the settlement, around $185.2 Million is assigned to a claim against FTX whereas $689.3 Million is to a claim against Alameda Research for received loans.
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