A bankruptcy judge has ordered Silvergate Bank to return nearly $9.9 million to crypto lender BlockFi, coming days after the bank said it was “dissolving the issue.” “Reevaluating their business” and facing funding problems
U.S. Bankruptcy Court Judge Michael B. Kaplan said Silvergate must return the $9,850,000 deposited by BlockFi, according to a court filing on Friday.
BlockFi filed for bankruptcy protection in November 2022. BlockFi began negotiations with Silvergate to return the reserve account at the bank and reached an agreement on Friday for the bank to release most of those funds. within two working days
Silvergate is having its own problems this week. which the bank is facing “Various lawsuits, investigations from banking regulators, congressional investigations, and investigations from the US Department of Justice.”
The post Bankruptcy Court judge orders Silvergate to return $9.9 million to BlockFi appeared first on Bitcoin Addict.