BlockFi receives U.S. court approval to repay 100% of customer funds

2024-07-26 21:05:15

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ChainCatcher news, according to Finance Feeds, the bankrupt cryptocurrency lending institution BlockFi has received court approval to repay its customers and unsecured creditors. The U.S. Bankruptcy Court in New Jersey approved the company's plan on Thursday, allowing BlockFi to repay 100% of customer funds. This cryptocurrency lending institution sought court approval to monetize its $874.5 million claim against FTX for an amount significantly higher than face value. The court's approval means that customers can now receive a full refund of their assets.

The company stated that while the recovery of assets cannot eliminate the impact of the financial crisis, "effectively distributing 100% of the claim value to customers in the near future will be a very positive outcome." The company indicated that the process of ultimately distributing assets to U.S. customers could begin within 90 days. However, due to regulatory challenges, international customers may have to wait longer.

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