In a recent development, popular cryptocurrency lender BlockFi has announced that a US court has conditionally approved its bankruptcy plan and ordered that everyone entitled to vote should vote to accept the plan.
Much-Needed Respite For Creditors
BlockFi’s restructuring plan continues to move forward following the recent announcement by the firm that its disclosure statement had been conditionally approved by the United States Bankruptcy Court in New Jersey. The lending platform says that once the plan is approved, it will proceed to retrieve funds from various defunct companies, including FTX, Emergent, and Alameda.
The plan provides an opportunity for client releases, excluding them from future claims by BlockFi, except for clients who withdrew above $250,000 from their interest accounts or private client accounts after November 2022. The platform also intends to distribute cash to creditors with claims below $3,000.
The US Securities and Exchange Commission had also ag
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