BlockFi bankruptcy reorganization plan approved by creditors

Odaily Planet Daily News BlockFi’s creditors have approved its bankruptcy reorganization plan, clearing one of the last hurdles in the months-long process of winding down the company’s operations and repaying customer funds, an email BlockFi sent to creditors on Friday showed. BlockFi said that this restructuring plan was approved by more than 90% of creditors and will allow BlockFi to recover assets lost due to the collapse of FTX and Three Arrows Capital to compensate creditors for more funds. "Success in this (process) may increase client recoveries, depending on the product and jurisdiction," the notice to creditors said. Additionally, the plan must be approved by a bankruptcy court before it can be finalized. The company said customers who hold funds in BlockFi interest-bearing accounts or BlockFi Retail Loans should get their funds back in the coming months; BlockFi will also continue to distribute funds to BlockFi Wallet customers. (CoinDesk)