Bankrupt crypto lender BlockFi Inc. wants to block attempts by FTX and Three Arrows Capital to get back billions of dollars exchanged between the firms before all three companies unraveled last year.
BlockFi said in a Monday court filing that it was victimized by Sam Bankman-Fried’s platform and, as a result, failed crypto exchange FTX isn’t entitled to more than $5 billion being sought. Similarly, BlockFi accused the collapsed crypto hedge fund Three Arrows of using fraud to borrow money from the lender and isn’t entitled to potential repayment.
BlockFi, which is liquidating, has said litigation with FTX, Three Arrows and a few other crypto firms could affect the amount its customers are repaid by $1 billion. Bankruptcy law gives failed companies the ability to unwind transactions that benefited particular creditors at the expense of others in the few months before filing Chapter 11. FTX has said it’s seeking to recover loan repayments made by its trading firm Alameda Research, roughly $90 million in withdrawals by BlockFi from FTX.com and other preferential payments.
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