Bankrupt crypto firms FTX and BlockFi have reached an in-principle agreement to settle all litigation and disputes for nearly $900 million, according to a Mar. 6 court filing.
Under the terms, BlockFi will receive $185.2 million in compensation for customer claims against the FTX debtors. Additionally, the insolvent lender is set to obtain a separate claim worth $689.3 million against Alameda Research, covering past loans extended to the now-defunct trading entity.
In total, BlockFi’s claims against FTX and Alameda Research amount to $874.5 million.
A significant portion of this settlement, or $250 million to be exact, is designated as a “secured claim,” prioritizing BlockFi’s reimbursement post-FTX’s bankruptcy resolution. The remainder hinges on the exchange’s capacity to settle its obligations to customers and other creditors.
In reciprocity, FTX will waive its settlement claims against BlockFi, while the latter pledges support for FTX’s bankruptcy plan and vows to vot
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