BlockFi, the crypto lending company that went bankrupt last year after the FTX collapse, is finally getting ready to give money back to its customers.
Selling FTX Claims
BlockFi managed to sell its claims against FTX for a much higher price than they were worth. This means they’ll have enough money to pay back all of their customers and other creditors in full.
The plan administrator, Mohsin Y. Meghji, says this is the best possible outcome for BlockFi customers. He’s happy that they’re able to give back 100% of what people lost.
A Long Road
Back in March, BlockFi settled with FTX and its trading arm, Alameda Research, for $874.5 million. This settlement was a big step towards getting money back to BlockFi customers.
The plan administrator was able to sell the FTX claims to a third party for a very good price. This means BlockFi can finally start paying back its customers.
What’s Next?
BlockFi’s platform is no longer active, but customers will be able to get their money through Coinbase.
Some customers are excited about getting their money back, but others are still skeptical. They want to see the money actually in their Coinbase accounts before they believe it’s real.
