TechFlow news, on July 26, according to Finance Feeds, bankrupt cryptocurrency lending firm BlockFi has received approval from a U.S. bankruptcy court in New Jersey to repay 100% of customer funds. The U.S. Bankruptcy Court for the District of New Jersey approved the plan on July 26, with the company expecting asset distributions to U.S. customers to begin within 90 days, although international customers may face longer wait times.
The bankrupt crypto lender is seeking court approval to monetize its $874.5 million claim against FTX at an amount significantly exceeding face value. Previous report, BlockFi reached a $874.5 million settlement in principle with the FTX and Alameda Research estates, enabling the plan administrator to begin planning subsequent distributions to creditors.
