BlockFi
Summary
BlockFi was a cryptocurrency lending platform founded in 2017 by Zac Prince and Flori Marquez, once valued at $3 billion. The company faced a $100 million SEC and state regulator settlement in February 2022 for offering unregistered securities, then collapsed in November 2022 following the implosion of FTX, which had extended BlockFi a $400 million credit facility. After filing Chapter 11 bankruptcy, BlockFi achieved a notable outcome: all creditors received 100% recovery of allowed claims, funded largely by a $874.5 million settlement with FTX/Alameda Research.
Connected Entities
1 entities- + 6 more
Timeline(16 events)
2017-01-01
BlockFi founded by Zac Prince and Flori Marquez in Jersey City, New Jersey.
BlockFi - Wikipedia2022-02-14
SEC and 32 state regulators announce $100 million settlement with BlockFi over unregistered BlockFi Interest Accounts (BIAs) and material misstatements.
SEC.gov2022-06-16
BlockFi confirms it liquidated Three Arrows Capital positions after 3AC failed to meet margin call obligations.
CoinDesk2022-07-01
FTX (West Realm Shires Inc.) extends $400 million revolving credit facility to BlockFi and signs option to acquire BlockFi for up to $240 million.
TechCrunch2022-11-10
BlockFi suspends withdrawals and platform activity following FTX's collapse, citing significant exposure to FTX and its affiliates.
NPR2022-11-28
BlockFi files Chapter 11 bankruptcy in U.S. Bankruptcy Court, District of New Jersey, listing over 100,000 creditors.
NPR2023-03-10
Silicon Valley Bank is seized by California regulators; BlockFi disclosed as having $227 million in uninsured MMMF funds at SVB.
The Block2023-10-03
U.S. Bankruptcy Court, District of New Jersey, confirms BlockFi's reorganization plan.
Official Committee of Unsecured Creditors of BlockFi2023-10-24
BlockFi's bankruptcy plan becomes effective; company begins winding down operations.
The Block2024-02-01
BlockFi begins initial Convenience Class distributions (50% cash payout for claims under $3,000).
Official Committee of Unsecured Creditors of BlockFi2024-03-01
BlockFi plan administrator settles with FTX estate, securing $874.5 million in claims against FTX and Alameda Research.
Haynes Boone2024-07-10
Sale of FTX claims to third-party buyer closes at a premium above face value, generating funds sufficient for full creditor recovery.
The Block2024-09-06
Plan administrator announces 100% recovery of all allowed claims for BlockFi creditors, with total distributions exceeding $1 billion.
PR NewswireDecision Log
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- hash: 9Ys9zgNuAURhw3Uu1fmcCnNMUDcVF7q2puo1zJRTnXoL
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model: claude-code-investigator
generated: 5/8/2026, 2:30:44 AM
last updated: 5/30/2026, 1:03:54 PM
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