Bankrupt cryptocurrency lending platform BlockFi’s restructuring plan has taken a step closer to fruition, as the firm announced that its disclosure statement has received conditional approval from the U.S. Bankruptcy Court in New Jersey.
This development is a critical part of the company’s mission to maximize recoveries for creditors and expedite the return of cryptocurrencies to clients, said Mark Renzi, BlockFi’s chief restructuring officer.
The firm’s restructuring plan will allow BlockFi to direct efforts towards recouping funds from other failed businesses such as Alameda Research, FTX, Three Arrows Capital, Emergent, Marex, and Core Scientific. However, the proposed plan has not been devoid of criticism,.
Organizations like FTX, Three Arrows Capital, and the Securities and Exchange Commission have voiced concerns about the plan’s fairness and its potential to absolve BlockFi and its management from legal responsibility, especially with disputed transactions worth over a billio
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