On Nov. 14, U.S. Federal Judge Michael Kaplan gave a green light to cryptocurrency firms FTX and BlockFi to begin settlement discussions over a $1 billion dispute.
The permission comes in the aftermath of BlockFi’s bankruptcy filing in November 2022, as it seeks to recover funds owed by FTX and its sister hedge fund, Alameda Research.
The legal dispute originated in November 2022 when BlockFi, after suffering significant losses due to the sudden collapse of FTX, filed for Chapter 11 bankruptcy. The collapse had a domino effect, leading to an automatic suspension of proceedings.
The court has now lifted the stay order, paving the way for BlockFi to discuss potential methods of recovering the funds. Additionally, FTX debtors can start presenting their case regarding BlockFi’s claims in the FTX bankruptcy proceeding.
The collapse
BlockFi’s dealings with FTX and Alameda Research resulted in significant financial losses. These include approximately $355 million frozen on FTX and an ad
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