BlockFi completes the sale of FTX claims, preparing for distribution to final creditors

ChainCatcher news, according to The Block, BlockFi has completed the sale of FTX claims and is preparing for distribution to the final creditors.

BlockFi's plan administrator and M3 Partners managing partner Mohsin Y. Meghji reported on the sale to the U.S. Bankruptcy Court in New Jersey on Monday. Meghji stated that the sale process began on June 24 and ended on July 10, with the "highest and best bid" determined at a price "far above its face value" and monetized through an undisclosed third party.

In March, BlockFi reached a $874.5 million principle settlement with FTX and Alameda Research, allowing the plan administrator to begin planning subsequent distributions to BlockFi creditors based on expected value. The company stated that this sale will allow for a "recent" final distribution of 100% of eligible customer and general unsecured creditor claims in statutory form.