PANews reported on August 22nd that according to Decrypt, a US court has received the latest developments in the BlockFi class action lawsuit: the last objector, Yacov Baron, has withdrawn his motion to intervene and his objection to the compensation agreement. The agreement, which covers approximately 89,000 interest account holders whose funds were frozen after the collapse of the BlockFi platform, is worth $13.2 million and is expected to be approved soon.

BlockFi's bankruptcy began during the 2022 crypto winter, triggered by the collapse of Do Kwon's TerraUSD stablecoin, ultimately leading to a severe liquidity crisis due to its $680 million exposure to FTX. BlockFi filed for bankruptcy protection a day after FTX filed for bankruptcy.