With insights from a March 6, 2024, court filing, BlockFi and FTX, bankrupt crypto firms, reached an “in principle” agreement to settle their disputes with FTX. It is believed that they have agreed to pay around $874.5 million to BlockFi and drop its claims against the firms.
The settlement is expected to have resolved BlockFi’s claims against FTX, amounting to about billion dollars. They also believe to also see FTX waive “millions of dollars of avoidance claims and other counterclaims” against BlockFi.
“This negotiated agreement represents an excellent outcome for BlockFi and its customers – one better than could have been anticipated even on the effective date of the Plan,” BlockFi explained.
Furthermore, BlockFi also owed FTX.US up to $275 million. This is expected to fall under a 2022 rescue loan deal, concluded Cointelegraph.
(With insights from Cointelegraph)
