BlockFi Enters into an Agreement with FTX
Main page News, Cryptocurrency Exchanges, FTX

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.

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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.

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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.

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