SEC Drops $30 Million Penalty on Sinking Crypto Platform, Investors Relieved!

  • SEC has temporarily waived its $30 million debt claim against BlockFi, the bankrupt crypto lending platform.
  • The debt is related to a $50 million fine imposed by the SEC on BlockFi for selling unregistered crypto loan products.
  • BlockFi has filed for bankruptcy and has presented a restructuring plan for the upcoming court hearing in July.

Meta Excerpt: The Securities and Exchange Commission (SEC) has decided to temporarily waive its $30 million debt claim against BlockFi, the crypto lending platform that recently filed for bankruptcy. This debt is a result of a $50 million fine imposed by the SEC for selling unregistered crypto loan products. BlockFi has filed for bankruptcy and has presented a restructuring plan for the upcoming court hearing in July.

SEC Temporarily Waives $30 Million Debt Claim Against BlockFi

The Securities and Exchange Commission (SEC) has made an important application to the court regarding BlockFi, the crypto lending platform that recently filed for bankruptcy. In its application, the SEC stated that it has temporarily waived its claim for $30 million from BlockFi until the platform completes its payments to its users.

Debt Originating from SEC’s $50 Million Fine

The $30 million debt is a result of a $50 million fine imposed by the SEC on BlockFi for selling unregistered crypto loan products. BlockFi has already paid $20 million of the fine but has been unable to pay the remaining $30 million.

BlockFi’s Bankruptcy and Restructuring Plan

BlockFi filed for bankruptcy in November 2022, following the collapse of the crypto exchange FTX. The platform has presented a restructuring plan for the upcoming court hearing in July. BlockFi claims to have more than $1 billion in debt owed to the crypto exchange FTX and its subsidiary Alameda Research.

Despite the debt claim, former SEC official Howard Fischer stated that the regulatory agency may not be as aggressive in recovering the money as it has been in other cases.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.
spot_imgspot_imgspot_imgspot_img

Latest News

Bitcoin, Ethereum Slide With Stocks: Did the Market Break?

Discover the key factors driving the current market downturn, and their impact on Bitcoin, Ethereum, and other cryptocurrencies. Explore expert insights and potential future scenarios.

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.

Bitcoin (BTC) Price Retreats Amid Gold’s Record Surge; Analysts Eye Re-accumulation Phase

Find out why Bitcoin's momentum stalled as gold soared to new highs. Explore expert insights on BTC's price trajectory and the significance of re-accumulation patterns.

Litecoin (LTC) Surges in Popularity, Surpassing 5 Million Long-Term Holders

Discover the reasons behind Litecoin's surge in popularity and why investors are increasingly choosing LTC for long-term holdings. Get insights into the future potential of this established cryptocurrency.
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Bitcoin BTC’s Path to Recovery: Will the Upcoming Halving Trigger a Rise Above $71,400?

This analysis delves into Bitcoin's immediate future as it approaches a critical halving event, exploring potential movements above key resistance levels.

Bitcoin (BTC) Surges Past $70k: Could $75k be the Next Target?

Bitcoin (BTC) has made a decisive move above $70,000, indicating bullish momentum. This article delves into the factors driving the surge, technical analysis, and what investors should watch for in the near term.

NEO Launches Uptrend to $25! Current NEO Analysis

Analyzed NEO's 3-hour chart, showing upward trend post $14.80 resistance breakthrough, eyeing $15.18 resistance; potential long positions suggested at $14.636 - $14.448 support range with a stop loss at $13.90, as NEO aims for $25 target amidst over 5% gains.

Is Litecoin Ready to Launch its Rise to $140? Current LTC Analysis

When examining LTC's technical chart, a downward trend is observed in recent days. The nearest support is at the level of 91.86 dollars. The support range between 97.61$ and 99.07$ on the 4-hour chart is significant. For long positions, the support range of 92.41$ - 91.07$ can be expected.

Bitcoin (BTC) Surges Past $70k: Could a Rally to $75k be Next?

Get expert analysis on Bitcoin's breakout above $70,000. Discover what's driving the price action, key levels to watch, and potential scenarios for BTC's near-term future.
Gideon Wolf
Gideon Wolfhttps://en.coinotag.com/
GideonWolff is a 27-year-old technical analyst and journalist with extensive experience in the cryptocurrency industry. With a focus on technical analysis and news reporting, GideonWolff provides valuable insights on market trends and potential opportunities for both investors and those interested in the world of cryptocurrency.
spot_imgspot_imgspot_imgspot_img

Bitcoin, Ethereum Slide With Stocks: Did the Market Break?

Discover the key factors driving the current market downturn, and their impact on Bitcoin, Ethereum, and other cryptocurrencies. Explore expert insights and potential future scenarios.

Bitcoin (BTC) is “Super Cheap” at $69k: Adam Back Rejects Post-Halving Crash Predictions

Legendary cypherpunk and Blockstream CEO Adam Back offers a contrarian view on Bitcoin's price action. Get expert insights on market sentiment, halving predictions, and BTC's long-term value potential.

Ethereum’s Pectra Upgrade: Enhanced UX, Wallet Innovation, and Community Debate (ETH)

The Ethereum Pectora upgrade promises a revolution in wallet functionality. Get insights on the debate surrounding its groundbreaking features and their potential impact on the Ethereum ecosystem.