According to Cointelegraph, the customers of BlockFi, a bankrupt cryptocurrency lending platform, are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved its liquidation plan.
Sources revealed that Michael A. Kaplan, Judge of the bankruptcy platform, had approved BlockFi’s third amended Chapter 11 plan in a September 26, 2023 court hearing, Cointelegraph added.
The amount of repayment received by BlockFi’s unsecured creditors is expected to depend on whether BlockFi succeeds in its legal battle against FTX and other bankrupt cryptocurrency firms, Cointelegraph highlighted.
On September 25, 2023, a court filing might have shown that the BlockFi creditors committee mentioned that the settlement reduced additional administrative fees and expenses that could have cut into the recoveries, Cointelegraph concluded.
(With insights from Cointelegraph)
