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The regulator asserted its claims should be counted as part of "general unsecured claims" in the ongoing Chapter 11 bankruptcy proceedings, but agreed to forego the payment "in order to maximize the amount that may be distributed to investors and avoid delay in such distribution," according to the agreement reached
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Instead of accepting or acknowledging the license return, the commission insists that BlockFi undergo administrative proceedings. The bankrupt crypto exchange was left with no option but to sue Jorge Perez, the Connecticut banking commissioner. BlockFi’s attempts to return its Connecticut money transmitter license have been futile, as the state regulator has
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A U.S. bankruptcy court recently ordered cryptocurrency lender BlockFi to withdraw its prematurely disclosed chapter 11 reorganization plan and accompanying statement until all materials are formally authorized. On May 18, the court directed BlockFi, the insolvent
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Disgruntled creditors of the bankrupt cryptocurrency lending firm BlockFi have submitted a new court filing in response to the company’s latest restructuring plan.On May 12, BlockFi outlined its Chapter 11 reorganization plan in a filing with the United States Bankruptcy Court in Trenton, New Jersey. The firm said that selling
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Last week, New Jersey Bankruptcy Judge Michael Kaplan ruled BlockFi custodial wallet users can be returned nearly $300 million in funds owed. The liquidation plan filed on Friday "provides for the return of non-estate digital assets held in client wallet accounts in connection with the Wallet Program in full, subject
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A judge has approved repayment for BlockFi custodial wallet holders but said interest-bearing funds still belong to the bankrupt company. BlockFi custodial wallet users could receive a massive $300 million repayment from the bankrupt digital asset lender. On Thursday, a New Jersey judge ruled that the assets locked in BlockFi’s custodial
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied A bankruptcy judge has ruled that transfers made as of November 10, 2021 by the cryptocurrency firm BlockFi are void. Therefore, the customers who attempted to retrieve almost $300 million in crypto following the freezing of transfers
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A United States judge has granted permission to bankrupt crypto lender BlockFi to return $297 million to customers with deposits held in its Wallet program, Reuters reported on May 11. The return of funds does not apply to users of interest-bearing accounts (BIA). According to bankruptcy Judge Michael Kaplan, funds in
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“The court finds that all digital assets held by the debtors in custodial omnibus wallets are indeed client property, and not property of the bankruptcy estates, subject, of course, to possible avoidance and clawback rights,” Kaplan said, but had less happy news for BIA customers. Original Source
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BlockFi customers want $375m in various crypto assets to be considered as their property in the ongoing Chapter 11 bankruptcy case. This comes after a group of customers argued in court that the eight-day delay in shutting
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