Judge Gives Approval to BlockFi and 3AC Settlement Deal
A settlement between crypto lending firm BlockFi and failed crypto hedge fund Three Arrows Capital was approved by a US Bankruptcy Court on Tuesday.
The specific details of the settlement were not disclosed. The approval also resolved any pending counterclaims. During the hearing, Judge Kaplan of the New Jersey Bankruptcy Court stated that it did not make sense to require the disclosure of the settlement details.
The US Trustee had requested that the details be unsealed, arguing that there were insufficient reasons for them to remain undisclosed.
However, BlockFi had previously filed a motion to seal the information in January, citing its sensitive nature and potential negative impact on future legal proceedings.
BlockFi declared bankruptcy under Chapter 11 in November 2022 after the collapse of FTX.
