BlockFi Bankruptcy: Customers to Get Full Repayment, Court Approves Plan

IconCryptoNewsTerminal Staff26 Jul, 2024

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BlockFi Bankruptcy: Customers to Get Full Repayment, Court Approves Plan

BlockFi's creditors have given their nod to a plan that will see all eligible customers being fully repaid by the bankrupt crypto lender. The plan was approved by the US federal bankruptcy court in New Jersey, following a request by BlockFi to allow it to make complete repayments to all eligible clients and unsecured creditors. Earlier, BlockFi had already initiated the first round of fund return, worth $500 million, to 130,000 customers on January 13th. This latest development marks a significant step in the ongoing bankruptcy proceedings for BlockFi, which filed for Chapter 11 bankruptcy protection in November 2022. The full repayment to customers is a positive outcome for those who had funds locked in the platform during the bankruptcy process.

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