In a statement filed Monday, BlockFi’s plan administrator said in a report filed with the New Jersey District Bankruptcy Court that a large transaction was closed, enabling the liquidation of $874.5 million worth of claims against FTX at a significant premium.

This transaction is seen as an important step in BlockFi’s liquidation process. According to the administrator, this major transaction will allow refunds to all eligible customers during the company’s bankruptcy process.

“This transaction marks the final stage in the liquidation process and ensures the best outcomes for BlockFi customers,” said Plan Administrator Mohsin Y. Meghji. Meghji stated that the timeline for recovery of receivables and distribution of recoveries was unimaginable at the beginning of the bankruptcy process, which started in November 2022.

These results, achieved through the tireless efforts of various parties, are considered a great success. “We plan to begin Final Customer Deployment as quickly as possible,” Meghji said.

BlockFi was one of the first victims of the contagion from the collapse of crypto exchange FTX in early November 2022. The company filed for Chapter 11 bankruptcy protection on November 28, 2022, shortly after it halted withdrawals from the platform.

The move marked a period when BlockFi was struggling with financial difficulties and was seeking court help to ensure the safety of customer funds. The company aimed to accelerate customer payments by developing various strategies throughout the bankruptcy process.

Following the bankruptcy process, BlockFi sought various ways to get customers’ withdrawals back with court approval. During this process, the company took various financial and legal steps and sought a solution to repay its customers’ funds.

Finally, last week, BlockFi announced that it will begin its first temporary crypto distributions through Coinbase (COIN) in July 2024. This step is considered an important move to accelerate payments to customers during the company’s bankruptcy process.

With the successes achieved in this process, the company is trying to re-solidify its position in the crypto industry and regain the trust of its customers. These new developments, announced by the plan administrator, indicate that BlockFi is approaching the final stages of its bankruptcy process and that refunds for all eligible claims will be made as soon as possible.

These developments will be followed carefully in the crypto world and can serve as an example for other crypto companies. These developments in BlockFi’s bankruptcy process will continue to be closely monitored by crypto investors and industry experts, and this process can be considered an important reference point for other similar situations in the crypto world.