BlockFi announces bankruptcy plan to take effect and will repay creditors according to relevant terms

According to official news from Odaily, BlockFi announced that its bankruptcy plan will take effect on October 24, 2023. BlockFi’s management, advisors, and other stakeholders have worked diligently over the past 11 months to reach this critical milestone, reaching the effective date faster and more efficiently than many other retail-facing crypto companies. Following Emergence, BlockFi can officially begin executing the actions detailed in the plan, including repaying its creditors in accordance with the terms of the plan, and will allow for the following actions by the company: - Recovery: Attempts to recover FTX, 3AC, and other companies that the company deems insolvent and bankrupt Assets owed to BlockFi. Success in this lawsuit may increase customer compensation; - Withdrawals: Continue to distribute digital assets back to customers, including BIA holders. - Claims: Continue the claims reconciliation process to ensure that client claims are accurately reflected in asset classes and amounts and that clients receive a fair distribution of remaining and recovered assets.