The agreement between the two bankrupt crypto companies awaits court approval. by Casey Wagner&Katherine Ross /. March 6, 2024 05:05 pm. BlockFi CEO Zac Prince | DAS 2022 New York by Blockworks. BlockFi and FTX have reached a tentative agreement to settle all litigation and disputes, according to a Wednesday afternoon court filing.. The settlement, which also involves affiliated debtors, remains subject to court approval. But the announcement represents a significant development in a long-running legal process that began after FTX’s collapse in 2022.. BlockFi, as part of the plan, will receive $185.2 million as a customer claim against the FTX debtors. The bankrupt lender will receive a separate claim of $689 million against Alameda, which accounts for former loans.. The total works out to around $900 million, though only $250 million is secured.. “BlockFi ensures that it will receive that $250 million shortly after the FTX plan is confirmed and goes effective – likely allowing a second interim distribution in the near term, before distributions begin on general FTX unsecured claims,” Mohsin Meghji, BlockFi’s plan administrator, wrote in the Wednesday filing.. Read more: BlockFi emerges from bankruptcy less than a year after FTX collapse. The other claims will receive distributions based on the FTX plan and will be treated similarly to other claims.. FTX will waive the settlement claims against BlockFi as part of the agreement. BlockFi, in turn, will support the FTX plan and vote in favor of it.. “This negotiated agreement represents an excellent outcome for BlockFi and its customers – one better than could have been anticipated even on the effective date of the Plan,” it continued.. The settlement agreement comes months after a US bankruptcy court judge in November lifted an automatic holding that prevented the companies from continuing proceedings.. Crypto lending platform BlockFi filed for Chapter 11 bankruptcy in November 2022 following FTX’s implosion. BlockFi CEO and founder Zac Prince testified as a government witness in October during FTX founder Sam Bankman-Fried’s criminal trial, stating that Bankman-Fried’s actions “forced” his company into bankruptcy.. Don’t miss the next big story – join our free daily newsletter.. Tags. Alameda Research. bankruptcy. BlockFi. FTX. Zac Prince. Newsletter. Blockworks Daily. Upcoming Events. Digital Asset Summit 2024. Hilton Metropole | 225 Edgware Rd, London. Mon – Wed, March 18 – 20, 2024. Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.. buy ticketslearn more. Day 0x. HYATT REGENCY SALT LAKE CITY. TUES, OCT. 8, 2024. Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, . . learn more. Permissionless III. Salt Lake City, UT. WED – FRI, OCTOBER 9 – 11, 2024. Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains . . learn more. recent research. Research. Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains. Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.. by Boccaccio. more from news. Select a tab. DCG and Silbert said the suit was an attempt to find a “headline-worthy scapegoat”. by Katherine Ross /. March 6, 2024. Worldcoin must cease collecting and processing personal data in Spain, according to a press release Wednesday. by Katherine Ross /. March 6, 2024. Bitcoin has given crypto free rein to run wild, even if its run has stalled. by David Canellis /. March 6, 2024. Fidelity’s bold move to include a BTC ETF in their conservative portfolio marks a significant shift in how Wall street can approach digital assets. by Martin Leinweber /. March 6, 2024. A source close to Grayscale told Blockworks that the fund was seeded with Grayscale capital on Oct. 2, 2023. by Katherine Ross /. March 5, 2024. The 10-fund segment saw trade volumes amounting to roughly $9.5 billion on Tuesday — beating the record set on Feb. 28. by Ben Strack /. March 5, 2024