{"id":27253,"date":"2024-03-07T05:18:13","date_gmt":"2024-03-07T05:18:13","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/blockfi-reaches-landmark-agreement-with-ftx-and-alameda-research\/"},"modified":"2024-03-07T05:18:13","modified_gmt":"2024-03-07T05:18:13","slug":"blockfi-reaches-landmark-agreement-with-ftx-and-alameda-research","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/blockfi-reaches-landmark-agreement-with-ftx-and-alameda-research\/","title":{"rendered":"BlockFi Reaches Landmark Agreement with FTX and Alameda Research"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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Amidst the aftermath from FTX\u2019s demise, bankrupt cryptocurrency lender BlockFi signals a possible road to recovery for its clients with the announcement of a ground-breaking partnership between FTX and Alameda Research.<\/p>\n

A \u201cin principle\u201d deal worth around $1 billion was disclosed by BlockFi with the estates of FTX and Alameda Research in a recent court document. This deal might potentially mitigate the effects of the exchange\u2019s collapse by offering BlockFi\u2019s consumers a sizable value recovery.<\/p>\n

Under the terms of the settlement, BlockFi stands to receive a substantial sum of $874.5 million in claims against FTX and Alameda Research. Of this amount, $250 million will be designated as a secured claim, ensuring priority payment to BlockFi once FTX\u2019s bankruptcy plan<\/a>, filed in December, receives creditor approval.<\/p>\n

Mutual Concessions and Resolution<\/h2>\n

As part of the agreement, FTX will withdraw its claims against BlockFi, enabling BlockFi\u2019s remaining claims to be treated similarly to other comparable claims under FTX\u2019s restructuring plan. While the settlement awaits judicial approval, the agreement marks a significant step towards resolving the complex legal entanglements between the parties involved.<\/p>\n

Kenneth Aulet, partner at Brown Rudnick, representing the Committee of Unsecured Creditors, expressed satisfaction with the outcome, emphasizing its favorable implications for BlockFi\u2019s customers and creditors. He lauded the agreement for securing BlockFi\u2019s claims against FTX and alleviating concerns regarding potential clawback claims that could diminish these claims.<\/p>\n

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Get 125% \/ $2,500 on 1st deposit!<\/strong><\/strong> <\/p>\n

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The agreement clarifies the complex and linked dynamics among BlockFi, Alameda Research, and FTX. The outcome of their legal battles will have a big impact on the crypto lending market as a whole since BlockFi depends on FTX for a $400 million line of credit, and FTX has emerged as one of BlockFi\u2019s biggest debtors with a $275 million claim.<\/p>\n

With the crypto lending industry facing never-before-seen obstacles and scrutiny from regulators, BlockFi\u2019s partnership with FTX and Alameda Research is an important first step. The possibility of significant value recovery provides a ray of optimism for BlockFi\u2019s stakeholders in these difficult times, even though judicial approval is still waiting.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) Amidst the aftermath from FTX\u2019s demise, bankrupt cryptocurrency lender BlockFi signals a possible road to recovery for its clients with the announcement of a ground-breaking partnership between FTX and Alameda Research. A \u201cin principle\u201d deal worth around $1 billion was disclosed by BlockFi with the estates […]<\/p>\n","protected":false},"author":35,"featured_media":27254,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27253"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=27253"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/27253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/27254"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=27253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=27253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=27253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}