Bankrupt crypto lender BlockFi appears on track to sell some assets after a New Jersey bankruptcy judge expressed approval of the plan as part of Chapter 11 proceedings designed to restore funds to creditors.
Under a proposal put to the bankruptcy court on Monday, bidders for BlockFi's crypto mining assets would have until Feb. 20 to submit bids with an auction the following week. “I think it's a workable and certainly an expeditious and efficient process that's contemplated,” Judge Michael Kaplan said, after the U.S. government and a committee representing creditors withdrew their objections. “We'll all keep our fingers crossed that it produces significant results.
“On January 27, the court in Antigua granted Sam Bankman-Fried's motion to stay the liquidation proceedings,” said Richard Kanowitz of Haynes Boone, also representing BlockFi. “They granted leave to appeal, which he must file within 21 days.”between BlockFi, bankrupt crypto exchange FTX, FTX founder Sam Bankman-Fried, the Antigua-based liquidators of the shell company that nominally owned the shares and the U.S. Department of Justice .
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