FTX Agrees to Pay Up to $874 Million in a Settlement With BlockFi

Bankrupt crypto companies FTX and BlockFi have resolved their disputes stemming from the companies’ collapses in 2022, with FTX agreeing to pay BlockFi up to $874 million, according to court documents filed on Wednesday.

The settlement is subject to approval by U.S. Bankruptcy Judge John Dorsey in Wilmington, Delaware.

The two companies had sued each other in 2023, seeking to recover money they had loaned each other before they both went bankrupt in November 2022. Under the new settlement, FTX agreed to prioritize a $250 million payment to BlockFi, and the remainder of the settlement is contingent on its efforts to repay its own customers in bankruptcy.

Read the source article at Yahoo Finance