BlockFi's Plan Administrator Seeks Final Distribution Order for Customers and Creditors

The plan administrator for bankrupt crypto lender BlockFi has requested a court order for the final distribution to compensate customers and unsecured creditors. The administrator has closed a significant transaction, allowing them to monetize $874.5 million in claims against FTX at a substantial premium. The recoveries on customer claims and the timeline for distribution were unimaginable when the cases were filed in November 2022. BlockFi will commence the first interim crypto distributions through Coinbase in July 2024, and the administrator intends to begin the final customer distribution as quickly as reasonably practicable.