Bankrupt Crypto Lender BlockFi Moves Closer to Customer Repayment
BlockFi, the cryptocurrency lending platform that filed for bankruptcy, has received approval to initiate the repayment process for its customers as part of a revised liquidation plan. This development follows conditional authorization granted earlier, allowing the company to reimburse customers before proceeding with the winding-down process. United States Bankruptcy Court’s Approval The United States Bankruptcy Court of New Jersey has approved BlockFi’s third amended Chapter 11 bankruptcy plan. The plan received support from BlockFi’s chief restructuring officer, Mark Renzi, and resolved some objections raised, notably those from FTX Debtors. SEC’s Partial Objection However, the United States Securities and Exchange Commission (SEC) has only partially resolved its “limited objection” to the plan, indicating that some issues still need further clarification. Pending Technical Modifications The filing mentions that certain technical modification...