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International Business Times

Business

Marvie Basilan

Judge Approves BlockFi Settlement With 3AC, But Denies Documents' Unsealing

BlockFi 3AC Crypto Michael Kaplan FTX Zhu Su

BlockFi, which accidentally revealed some $1.2 billion in assets linked to FTX early in 2023, can now proceed with distributions from the lending estate to creditors. (Credit: Reuters)

KEY POINTS

BlockFi claims that 3AC owed it $129 million, while 3AC claims that BlockFi owed it $280 million
BlockFi previously filed a motion to seal certain information on the settlement as it could affect FTX litigation
Judge Kaplan said unsealing the documents will be "counter-intuitive"

A New Jersey judge approved the settlement between crypto lender BlockFi and defunct crypto hedge fund Three Arrows Capital (3AC) but ordered the agreement details to remain sealed.

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