{"id":402788,"date":"2024-03-07T10:15:16","date_gmt":"2024-03-07T10:15:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=402788"},"modified":"2024-03-07T12:29:27","modified_gmt":"2024-03-07T12:29:27","slug":"blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx\/","title":{"rendered":"BlockFi hails &#8216;excellent outcome&#8217; in $875 million settlement with FTX"},"content":{"rendered":"<p>Bankrupt crypto firms <a href=\"https:\/\/cryptoslate.com\/companies\/ftx\/\">FTX<\/a> and <a href=\"https:\/\/cryptoslate.com\/companies\/blockfi\/\">BlockFi<\/a> have reached an in-principle agreement to settle all litigation and disputes for nearly $900 million, according to a Mar. 6 court <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.njb.1094078\/gov.uscourts.njb.1094078.2172.0.pdf\">filing<\/a>.<\/p>\n<p>Under the terms, BlockFi will receive $185.2 million in compensation for customer claims against the FTX debtors. Additionally, the insolvent lender is set to obtain a separate claim worth $689.3 million against <a href=\"https:\/\/cryptoslate.com\/companies\/alameda-research\/\">Alameda Research<\/a>, covering past loans extended to the now-defunct trading entity.<\/p>\n<p>In total, BlockFi's claims against FTX and Alameda Research amount to $874.5 million.<\/p>\n<p>A significant portion of this settlement, or $250 million to be exact, is designated as a &#8220;secured claim,&#8221; prioritizing BlockFi's reimbursement post-FTX's bankruptcy resolution. The remainder hinges on the exchange's capacity to settle its obligations to customers and other creditors.<\/p>\n<p>In reciprocity, FTX will waive its settlement claims against BlockFi, while the latter pledges support for FTX's bankruptcy plan and vows to vote favorably.<\/p>\n<p>BlockFi's legal representatives expressed satisfaction with the development, deeming the negotiated agreement a highly favorable outcome surpassing initial expectations.<\/p>\n<blockquote><p>&#8220;This negotiated agreement represents an excellent outcome for BlockFi and its customers \u2013 one better than could have been anticipated even on the effective date of the Plan,&#8221; the company's lawyers wrote.<\/p><\/blockquote>\n<p>They added that the agreement would &#8220;ensure that money reserved for litigation with FTX is directed instead to customer distributions.&#8221;<\/p>\n<p>Pending court approval, the settlement is a pivotal step toward resolving the discord between the two entities.<\/p>\n<h2 class=\"s3\">BlockFi, FTX's convoluted relationship<\/h2>\n<p>BlockFi's relationship with FTX and Alameda Research resulted in substantial financial setbacks for its customers, ultimately leading to its <a href=\"https:\/\/cryptoslate.com\/blockfi-emerges-from-bankruptcy-will-pay-loan-and-interest-users-in-early-2024\/\">bankruptcy<\/a>. Among these losses were approximately $355 million frozen on the exchange and an additional $671 million loan extended to Alameda Research.<\/p>\n<p>During the criminal proceedings against FTX founder <a href=\"https:\/\/cryptoslate.com\/people\/sam-bankman-fried\/\">Sam Bankman-Fried<\/a>, BlockFi CEO <a href=\"https:\/\/cryptoslate.com\/people\/zac-prince\/\">Zac Prince<\/a> testified that FTX's failures led to BlockFi's demise.<\/p>\n<p>Prince <a href=\"https:\/\/cryptoslate.com\/blockfi-ceo-zac-prince-testifies-to-lending-relationship-with-alameda-research\/\">told<\/a> the court that his company had extended loans totaling nearly $2 billion to Alameda before FTX's collapse. He emphasized their lack of knowledge regarding the hedge fund's &#8220;unlimited&#8221; credit line from the exchange.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt crypto firms FTX and BlockFi have reached an in-principle agreement to settle all litigation and disputes for nearly $900 million, according to a Mar. 6 court filing. Under the terms, BlockFi will receive $185.2 million in compensation for customer claims against the FTX debtors. Additionally, the insolvent lender is set to obtain a separate [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":402798,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[77901,77968],"tags":[77827,76833],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlockFi hails &#039;excellent outcome&#039; in $875 million settlement with FTX<\/title>\n<meta name=\"description\" content=\"Bankrupt FTX and BlockFi reached a $900 million settlement to resolve all litigations and disputes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BlockFi hails &#039;excellent outcome&#039; in $875 million settlement with FTX\" \/>\n<meta property=\"og:description\" content=\"Bankrupt FTX and BlockFi reached a $900 million settlement to resolve all litigations and disputes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-07T10:15:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-03-07T12:29:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/03\/blockfi-ftx.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/blockfi-hails-excellent-outcome-in-875-million-settlement-with-ftx\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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