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BlockFi's Fund Recoveries Depend on Claims Against Alameda and FTX, Court Filings Show

According to court filings from Friday, the success or failure of BlockFi's claims against commercial counterparties such as FTX and Alameda will heavily impact fund recoveries for clients and creditors of the bankrupt crypto lender. The wind-down plan filed to the U.S. Bankruptcy Court for the District of New Jersey outlined a list of projected recoveries, but the actual recoveries received by clients may differ materially from these figures. BlockFi has around $355 million in crypto frozen on FTX and another $671 million in a loan to FTX's trading arm Alameda Research, which are also going through chapter 11 wind-down proceedings in Delaware. A hearing on the plan is scheduled for June 20.

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