FTX reaches $874 million settlement with BlockFi
March 7, 2024
Darren Parkin
COLLAPSED crypto exchange FTX has reached a $874m settlement with bankrupt BlockFi following a long-running dispute triggered by FTX's catastrophic demise in 2022.
The two firms sued and counter-sued last year, with BlockFi blaming FTX for its own downfall.
Prior to the FTX scandal, both companies had worked hand-in-glove, with BlockFi facilitating loans to Alameda Research - FTX's hedge fund.
US Bankruptcy Judge John Dorsey is expected to approve the settlement in the coming days.
FTX has also agreed to hand a further $185.3 million to BlockFi to cover the amount held in its trading account at the time of the November 2022 collapse.
