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Blockfi has reached the final settlement with the Ministry of Justice of the US and ended a legal dispute of $ 35 million bound to confiscated crypto assets.
The long -term legal dispute concerning the crypto of the creditor blockfi officially came to the conclusion.
Recent compensation Among the bankruptcy administrator, the block of Blockfi and the US Ministry of Justice ended the action for a confiscated crypt of $ 35 million.
Judge Michael B. Kaplan approved the settlement
The approval of Judge Michael B. Kaplan at the US Bankruptcy Court for the New Jersey district Agreement rejects this case with the prejudice and ensures that it cannot be reopened.
Both parties agreed to cover their own legal expenses.
Interestingly, it has explained that confiscated assets were part of a criminal investigation of two Estonian nationals who are not directly associated with bankruptcy of the blockfi.
During the proceedings, the bankruptcy court claimed that the authority lacked the power of blocking the transfer of assets and converting the dispute in the issue of legal jurisdiction, as well as recovery.
Banubcy Saga full of ripple effects
This newly approved settlement means a key moment in a wider block bankruptcy Saga, which began in November 2022 after the collapse of the FTX launched the financial fall of the company.
Then, in March 2023, the company also resolved $ 1 billion with FTX and Alamed’s research through a $ 875 million settlement.
To this, the CEO of Zac Prince, attributed the collapse of the company directly to the founder of FTX Sam Bankmana-Frieda.
Until September 2023, the Court sanctioned the blockfi Chapter 11 to pay more than 10,000 creditors, while the company still owed around $ 10 billion.
Fast forward to 2024, blockfi then created April 28, 2024 for customers to get their crypto assets.
Finally, in May 2024, blockfi began to liquidate its web operations and connected with Coinbase to help eligible users such as retail loans and clients of interest accounts in raising the remaining funds.
With these years of fighting, this case finally closed.
What do these cases indicate?
Blockfi collapse naturally serves as a warning story for the creditor of the creditor involved with high -risk counterparties.
At the same time, it also emphasizes how the US Ministry of Justice has shown increasing vigilance in the police shelf in a crypt -and -aid space.
In addition to supervising the legal solution of blockfi, the decisive measures have taken the decisive measures to dismantle crypto related to people in connection with crime, catch USD 225.3 million was tied to fraudulent investment schemes.
Also Turn off 145 sites connected to the BidenCash Darknet market.
This development emphasizes a critical shift towards stronger enforcement and responsibility in the ecosystem of digital asset.
