Bankruptcy Judge Michael A. Kaplan has approved BlockFi’s third revised Chapter 11 plan during a court hearing on September 26, as indicated in a filing on the same date. This development brings the customers of the distressed cryptocurrency lending platform closer to receiving their payouts following the endorsement of its liquidation plan by a United States Bankruptcy Court in New Jersey.
Meanwhile, the extent of reimbursement for BlockFi’s unsecured creditors will hinge significantly on the outcome of BlockFi’s legal dispute with FTX and other insolvent cryptocurrency companies.
BlockFi Granted Approval for Liquidation Plan
BlockFi initially submitted its first liquidation plan to the bankruptcy court on November 28. Still, subsequent revisions were required, leading to the filing of the first, second, and third amended plans on May 12, June 28, and July 31, respectively, according to court records.
Following a prolonged dispute with the creditors committee regarding the compa
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