BlockFi’s Dispute with Creditors Leads to Postponement of Digital Asset Return Proposal

02/25/2023 20:55 • Daily Digest • 74 views

It is reported that according to the order of Michael Kaplan, the US bankruptcy judge, BlockFi’s proposal to return the digital assets in the customer’s wallet was postponed, while the two sides tried to resolve their differences. The dispute has escalated to BlockFi accusing creditors of “being divorced from reality”, while creditors accused BlockFi of “losing temper”.

BlockFi creditors object to the seizure of cryptocurrency in the wallet as a bankruptcy claim

Interpretation of the news:

According to recent reports, BlockFi’s proposal to return digital assets held in customer wallets has been postponed by the US bankruptcy judge, Michael Kaplan. The postponement was ordered while both parties, BlockFi and creditors, try to reach a resolution and settle their differences. This comes after BlockFi accused creditors of being “divorced from reality,” while creditors accused BlockFi of losing their temper.

This latest development indicates that the dispute between BlockFi and creditors has been escalating, which has resulted in the postponement of the proposal to return digital assets. The move to return digital assets was seen as a step towards resolving the bankruptcy case that has been looming over BlockFi.

BlockFi is a financial firm that allows users to trade and earn interest on digital assets using a cryptocurrency trading platform. However, the company has been facing financial difficulties, leading to the initiation of bankruptcy proceedings.

Creditors are seeking to recover their funds invested in BlockFi, whereas the company has been trying to salvage the situation by proposing a plan to return the digital assets held in customers’ wallets. It’s worth noting that digital assets are not only volatile but also highly speculative, making it difficult to determine their current market value.

The postponement of the proposal indicates that there are still unresolved differences between BlockFi and creditors regarding the best way to approach the bankruptcy proceedings, which could lead to a lengthier process.

In conclusion, the dispute between BlockFi and creditors has led to the postponement of the proposal to return digital assets, which highlights the escalating nature of the disagreement. It remains to be seen how both parties will resolve their differences and come to a solution that benefits everyone involved in the bankruptcy proceedings.

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