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The second week of Sam Bankman-Fried’s criminal trial for fraud concluded with witness testimony from Zac Prince, whose crypto lending firm BlockFi loaned $1.1 billion to Alameda before FTX’s collapse. From Alameda’s bizarre $65 billion “credit line” on FTX customer crypto to $100 million Chinese bribes, SBF gave the orders according
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Tensions were apparent between the sides in court, as a lawyer for BlockFi said 3AC has a “runaway” legal counsel who is dragging things out and piling up more than $16 million in legal bills. A lawyer for the hedge fund, Adam Goldberg from the firm Latham & Watkins, said
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied BlockFi announces the start of its Chapter 11 solicitation period, allowing creditors to vote on the bankruptcy plan. Blockfi has announced via Twitter that the solicitation period for creditors under Chapter 11 has begun. During this time,
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BlockFi’s reorganization is gradually progressing, with the company revealing that the United States Bankruptcy Court for the District of New Jersey has conditionally approved its disclosure statement.BlockFi and the Official Committee of Unsecured Creditors jointly issued a statement on Aug. 2, 2023, urging all eligible parties to vote to accept
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“BlockFi’s mission through this process has been to maximize recoveries for our creditors, and conditional approval of our Disclosure Statement moves us one step closer to accomplishing that goal,” said Mark Renzi of Berkeley Research Group, BlockFi’s Chief Restructuring Officer, in a statement. “We are confident that our Plan provides
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Creditors of failed cryptocurrency lending platform BlockFi are seeking liquidation of the firm’s assets, citing allegations of fraud and misconduct against the company and its CEO, Zac Prince. The unfolding financial crisis at BlockFi, a former cryptocurrency
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The United States Securities and Exchange Commission (SEC) has agreed to postpone the payment of a $30 million fine from bankrupt crypto lender BlockFi until creditors are paid back. The amount represents the balance of a $50 million settlement with the regulator from February 2022. According to June 22 court filings,
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However, nobody at BlockFi bothered to follow through with this, including the restructuring team, and no bond was posted, the creditors said. “It’s a good thing the federal government stepped in to bail out all SVB depositors, including BlockFi,” they wrote. Original Source
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The 56 million shares, with a current value of around $577 million, are the subject of a complex tussle between BlockFi, bankrupt crypto exchange FTX, FTX founder Sam Bankman-Fried, the Antigua-based liquidators of the shell company that nominally owned the shares and the U.S. Department of Justice (DOJ). Source
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This new deal applies to around 130 staff, who will mostly get a bonus worth 42.5% of salary, paid in three installments over a year. Worth $9.98 million, this package is the right way to secure value for former customers, lawyers for BlockFi told the court. Source
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