CandleFocus BlockFi’s bankruptcy proceedings ‘golden standard’ compared to FTX: Lawyers
2024-09-17
Author: Content Editor
Several crypto bankruptcies, including those of BlockFi and FTX, are nearing conclusion. FTX's reorganization plan could be confirmed by the court in an upcoming hearing, while BlockFi is in the final stages after its plan was confirmed. The distributions in FTX's bankruptcy will be made in cash, while BlockFi's creditors pushed for in-kind distributions, but there wouldn't have been enough crypto to repay the creditors. The lawyers for BlockFi praised the organization of the bankruptcy team. Some question the adequacy of the current bankruptcy code for handling crypto bankruptcies, while others argue for tailored rules for the crypto industry. Despite the challenges, the lawyers believe the experience is helping shape and develop crypto products and establish clearer expectations for the treatment of assets in the future.
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