- Ankura Trust Company is the largest creditor to US SEC.
- BlockFi settled $20 million to SEC in the first two payments.
This year, the cryptocurrency markets went through a lot of turmoil, which affected the value of the tokens. Also, prominent crypto platforms faced several investigations by the Securities and Exchange Commission (SEC). As BlockFi is one of the biggest creditors to the US SEC.
After a string of failures in the global cryptocurrency market, BlockFi filed for bankruptcy on Monday. However, the SEC regulator has a $30 million unsettled claim against the cryptocurrency lending platform as a result of a prior regulatory action against the company.
According to the filing document, BlockFi is placed as the fourth-largest creditor behind Ankura Trust Company, which owed more than $729 million to SEC. In addition, West Realm Shires, which runs FTX US owed $275 million, and an unidentified vendor is owed more than $48 million.
The BlockFi firm has two years to pay the entire $50 million fine to the SEC, which must be paid in five installments, as per the February 2022 settlement. The first two payments, which total $20 million, appear to be made by the company. Although, the recent cryptocurrency exchange FTX fallout made significant companies file for bankruptcy as well as the decline in the crypto assets.