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BlockFi

BlockFi Administrator, DOJ Agree To End $35 Million Lawsuit — Details

Semilore Faleti
by Semilore Faleti
3 months ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Moshin Meghi, the bankruptcy plan administrator of crypto lending firm BlockFi, and the US Department of Justice (DOJ) have agreed to end a lawsuit centered around a $35 million asset transfer. This announcement marks the latest chapter in BlockFi’s bankruptcy saga, which began with the black swan events of November 2022.

Related Reading: Coinbase Sues Oregon Governor Over Crypto Policy Change – Details

BlockFi Vs DOJ: Peace At Last

In May 2023, the DOJ sought to effect a transfer of $35 million worth of assets in BlockFi accounts to the US government. Notably, DOJ representatives claimed these funds belonged to two Estonian nationals involved in a fraud case and had obtained legal warrants to assert ownership of these illicit proceeds.

However, BlockFi is currently undergoing a bankruptcy process following the monumental collapse of $32 billion crypto exchange FTX in November 2022. The crypto lending firm famously filed for Chapter 11 bankruptcy some days after this seismic event due to its level of financial exposure to FTX, valued at $1.03 billion in unpaid loans.

Therefore, a group of unsecured creditors issued a lawsuit against the DOJ claiming that such transfers could impact potential asset recoveries. Meanwhile, the DOJ argued that the US Bankruptcy Court for the District of New Jersey – at which the case had been filed – could not neutralize the government’s claims to these assets.

Two years following this lawsuit, Meghi and the DOJ have agreed to terminate all legal proceedings around the proposed $35 million asset transfer.

The joint resolution was brought before Judge Michael B. Kaplan of the US Bankruptcy Court for the District of New Jersey on Friday, July 11, who approved the case on the day. Notably, both parties agreed to dismiss the case with prejudice, meaning it cannot be refiled. Meanwhile, each party is expected to bear its own legal fees and costs.

Following its bankruptcy filing in 2022, BlockFi reportedly owed 100,000 creditors an estimated $10 billion, including major debts to prominent names such as Ankura Trust, the US Securities and Exchange Commission, and defunct hedge fund Three Arrows.

Related Reading: Crypto Market Reacts As Powell Resignation Rumors Spread: Fannie Mae Chair Says ‘Economy Will Boom’

Crypto Market Overview

In other news, the total crypto market is valued at $3.64 trillion following a 0.17% gain in the past day. Bitcoin, the maiden cryptocurrency, retains an unrivalled 63.9% market dominance, boasting of total market share valued at $2.33 trillion.

Interestingly, the crypto market enters a crucial week as the US House of Representatives is expected to debate three important legislations – the CLARITY Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act, as part of efforts to establish a credible regulatory framework that encourages digital asset adoptions and protect user interest.

BlockFi
Total crypto market cap valued at $3.63 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from BBC, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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