BlockFi Administrator, DOJ Agree To End $35 Million Lawsuit — Details
Main Idea
BlockFi's bankruptcy administrator and the US Department of Justice (DOJ) have agreed to end a $35 million lawsuit, marking a resolution in BlockFi's ongoing bankruptcy proceedings following its collapse after the FTX crisis.
Key Points
1. BlockFi's bankruptcy administrator and the DOJ agreed to terminate legal proceedings over a $35 million asset transfer dispute.
2. BlockFi filed for Chapter 11 bankruptcy in 2022 due to $1.03 billion in unpaid loans linked to FTX's collapse.
3. The DOJ initially sought to transfer $35 million in BlockFi assets to the US government, but the case was dismissed with prejudice.
4. BlockFi reportedly owes over 100,000 creditors, including entities like Ankura Trust and the SEC.
5. The resolution was approved by Judge Michael B. Kaplan, with each party bearing its own legal costs.
Description
Moshin Meghi, the bankruptcy plan administrator of crypto lending firm BlockFi, and the US Department of Justice (DOJ) have agreed to end a lawsuit centered around a $35 million asset transfer. This announcement marks the latest chapter in BlockFi’s bankruptcy saga, which began with the black swan events of November 2022. BlockFi Vs DOJ: Peace At Last In May 2023, the DOJ sought to effect a transfer of $35 million worth of assets in BlockFi accounts to the US government. Notably, DOJ representat...
Latest News
- New Study Says Bitcoin Could Reach $4.81M by 2036, Driving Bitcoin Hyper Into Overdrive2025-08-15 15:17:39
- Bitcoin Supply Dynamics Paints A Clear Picture of The Current Phase Of The Market2025-08-15 14:03:44
- Coinbase Drops $3 Billion To Snag Deribit In Major Crypto Shake-Up2025-08-15 13:03:25
- US Treasury Bessent Backtracks BTC Reserve Statement – Next Crypto to Explode2025-08-15 12:05:23
- U-Turn In Cardano Governance: Foundation Backs Crucial Funding2025-08-15 12:03:02