BlockFi’s Chapter 11 Plan is Conditionally Approved by the US Bankruptcy Court!

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Crypto lending platform BlockFi’s Chapter 11 reorganization plan has received conditional approval from the U.S. bankruptcy court in New Jersey. The company aims to recover funds from several defunct firms, including Alameda, Emergent, and FTX, once the plan is approved. The plan also offers the opportunity for client releases, exempting them from future claims by BlockFi, except for those who withdrew over $250,000 from interest accounts or private client accounts after November 2022. BlockFi also plans to distribute cash to creditors with claims under $3,000. The SEC consented to delay the collection of a $30 million fine until creditors were repaid.