The bankruptcy court has granted BlockFi approval to enter into an $874.5 million preliminary agreement with FTX and Alameda Research, according to a filing Wednesday with the bankruptcy court.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
This settlement is subject to court approval and will see BlockFi receive a $185.2 million customer claim against FTX and a $689.3 million claim from FTX's sister trading company, Alameda Research.
These claims will be distributed to BlockFi's customers for their full value, provided FTX meets its distribution targets.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange
In addition, of the $874.5 million, $250 million will be a secured claim with collateral that will give priority of payment to BlockFi once FTX's plan of reorganization is approved.