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to paying up to $874.5 million to BlockFi, marking a potential resolution to a long-standing legal battle between the two entities.Under the agreement terms, subject to court approval, BlockFi stands to receive compensation that includes an allowed customer claim of $185.2 million against FTX.com. This claim represents the full value of assets held on the exchange as of the FTX petition date.
The failed exchange has also agreed to waive or subordinate all other claims against BlockFi, effectively clearing the path for a smoother resolution. This paves the way for BlockFi’s support of FTX’s proposed reorganization plan, ultimately aiding in closing the ongoing legal proceedings.
This amount comprised a $400 million credit line and nearly $900 million lent to Alameda Research, primarily collateralized by FTX’s token, FTT. Concurrently, BlockFi faced liabilities, owing FTX.US up to $275 million under a 2022 rescue loan deal.
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