TechFlow news — A legal filing by FTX shows the company is opposing BlockFi's proposed bankruptcy plan. According to FTX, the plan involves disputed transactions worth over $1 billion and unfairly diminishes FTX's substantial claims against BlockFi. FTX had previously assisted BlockFi last year but later filed for bankruptcy itself in November.
BlockFi plans to hold a hearing on July 13 in a New Jersey court to discuss its bankruptcy proposal. However, the plan has faced opposition from hedge fund Three Arrows Capital (3AC) and the U.S. Securities and Exchange Commission (SEC). 3AC claims BlockFi owes them more than $220 million, while the SEC argues that the proposed provisions releasing BlockFi and its management are overly vague and broad.
