Judge Michael Kaplan approved the resolution agreement between BlockFi and hedge fund Three Arrows Capital: the details of the agreement remain confidential.
On February 6th, at the New Jersey Bankruptcy Court, Judge Kaplan confirmed the approval of a resolution agreement that puts an end to the claims and disputes between the crypto lending company BlockFi and the hedge fund Three Arrows Capital. The judge ordered that the details of the agreement remain confidential.
BlockFi claimed to have a $129 million credit against 3AC, while the hedge fund asserted a $280 million credit against the lending company.
Request for confidentiality from BlockFi
In January, BlockFi filed a request in court for confidentiality regarding certain information related to the agreement. The reason for this request was the potential negative impact that the disclosure of such information could have on the case with the bankrupt exchange FTX and on potential future lawsuits.
The judge granted BlockFi’s request for confidentiality, emphasizing the importance of protecting the company’s business strategies and respecting the bankruptcy proceedings with the 3AC fund.
The future plans for BlockFi
With the approved resolution agreement, BlockFi can now proceed with the distribution of refunds to its creditors. Last September, Judge Kaplan approved the liquidation plan and subsequent customer reimbursement following the Chapter 11 bankruptcy filing.
