Bankrupt BlockFi Granted Approval to Sell Crypto Assets

The United States Bankruptcy Court for the District of New Jersey granted bankrupt crypto lender BlockFi the green light to sell its crypto mining equipment in order to repay its creditors. The court’s grant decision was on the grounds that it was “fair, reasonable and appropriate under the circumstances.”

As part of the bankruptcy proceduers, BlockFi sold off $160 million worth of Bitcoin mining machines on January 24 and intends to continue letting go of its assets to pay-off its loans.

Amid this decision, more bids for the cryptocurrency lender’s mining equipment are imminently incoming, and the court ruled that “all qualified bids” must be submitted to BlockFi by February 20. The lender aims to capitalize on the current bullish market conditions which witnessed the rise of cryptocurrency value.

As part of the bankruptcy proceduers, BlockFi sold off $160 million worth of Bitcoin mining machines on January 24 and intends to continue letting go of its assets to pay-off its loans.

Sources:

https://cointelegraph.com/news/blockfi-gets-court-nod-to-sell-crypto-mining-assets

https://www.investopedia.com/blockfi-wins-bankruptcy-court-approval-to-auction-mining-assets-7100844