Tag: BlockFi

US Court Signs Off On $13M BlockFi Settlement After Objection Withdrawn

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A New Jersey judge has given preliminary approval for a $13-million settlement between a group of investors and cryptocurrency lending company BlockFi after months of delays. In a Thursday filing in the US District Court for the District of New Jersey, Judge Claire Cecchi ordered BlockFi’s insurers to pay more than $13 million to an escrow account within 30 days as part of a class-action lawsuit filed in 2023. The order followed a February motion for preliminary approval, which was held up in part due to an objection from one…

BlockFi Bankruptcy Administrator and DOJ Settle $35M Crypto Lawsuit

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The administrator overseeing BlockFi’s bankruptcy wind-down and the US Department of Justice (DOJ) have reached a settlement to dismiss a $35 million crypto asset transfer lawsuit involving the crypto lender. The agreement was approved by Judge Michael B. Kaplan of the US Bankruptcy Court for the District of New Jersey on Friday, according to court filings. The lawsuit, filed in May 2023, sought to transfer over $35 million in crypto assets from BlockFi to the US government. The DOJ said it had warrants to seize the funds from the BlockFi…

Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts 

The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […] Source CryptoX Portal

Zac Prince Departs BlockFi for Real Estate Tech Startup Re Cost Seg

“In marketing, crypto is unique with its 24/7 media cycle, so learning to navigate that and developing strategies, such as partnering with big podcasters, was key,” he continued. I also learned a lot about team building; we had a phenomenal team at BlockFi, many of whom are staying in the crypto industry, and some have even started new crypto companies, which makes me proud.” Source

BlockFi Settles With FTX, Alameda Estates for $874.5M

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FTX, BlockFi claims settlement allowed to proceed, judge declares

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Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing. On Nov. 13, United States bankruptcy Judge Michael Kaplan ordered the end of an automatic holding placed on proceedings between the two firms. FTX debtors can now pursue their “arguments, defenses, counterclaims, setoffs, or otherwise” concerning the BlockFi claims in the FTX bankruptcy proceeding. Both entities filed for Chapter 11 bankruptcy status in November 2022 after the implosion of FTX at the beginning of that month. BlockFi is…