BlockFi completes the sale of FTX debt and prepares for the distribution to the ultimate creditors.

Foresight News reported that the defunct cryptocurrency lending institution BlockFi announced the sale of its FTX debt at a price "significantly above face value." The company stated that this transaction will realize the final distribution of 100% of qualified customer and general unsecured creditor claims. BlockFi plans for the sale to be reported to the U.S. Bankruptcy Court in New Jersey by the company's administrator and M3 Partners Managing Partner, Mohsin Y. Meghji, on Monday. Meghji stated that the sale process commenced on June 24 and concluded on July 10, with the "highest and best bid" determined to be "substantially above face value" and monetized through an undisclosed third party.