Bankrupt firms BlockFi and FTX have announced an agreement “in principle” to settle their disputes.
According to a March 6 court filing, FTX has committed to paying up to $874.5 million to BlockFi, marking a potential resolution to a long-standing legal battle between the two entities.
$874 Million Settlement
Under the agreement terms, subject to court approval, BlockFi stands to receive compensation that includes an allowed customer claim of $185.2 million against FTX.com. This claim represents the full value of assets held on the exchange as of the FTX petition date.
BlockFi will also receive a claim of $689.3 million against Alameda Research, primarily concerning loans extended to the company. $250 million out of the entire amount will be treated as a secured claim, ensuring expedited payment to BlockFi once FTX’s proposed reorganization plan is confirmed.
The failed exchange has also agreed to waive or subordinate all other claims against BlockFi, effectively clearing the pat
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