FTX Trading Ltd. challenged the bankruptcy wind-down plan of crypto business cohort BlockFi Inc., taking issue with BlockFi’s proposal to completely devalue hundreds of millions of dollars in FTX claims.
BlockFi’s plan to liquidate in Chapter 11 suffers from “fundamental shortcomings” and must be rejected, crypto trading platform FTX told the US Bankruptcy Court for the District of New Jersey in a filing Wednesday.
BlockFi has structured its plan in ways that restrict FTX’s ability to collect on $275 million worth of previous loans and recover on another $213 million in disputed payment claims, it said.
In a separate filing ...
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