BlockFi administrators submit plan to compensate customer losses

Wu learned that BlockFi trustee Mohsin Y. Meghji reported to the court on July 22, 2024, that the company had completed a significantly premium cash-out transaction for the FTX claim. This enables BlockFi to make a 100% final distribution to all approved customer and unsecured creditor claims. The transaction stemmed from the $874.50 million claim settlement reached with FTX in March 2024. Meghji stated that this marks the final stage of BlockFi's liquidation, with the final distribution set to commence promptly. The BlockFi platform has ceased operations, and "in-kind" distributions will be facilitated through Coinbase.