BlockFi's final opponent withdraws, and the $13 million settlement is close to approval.

2025/08/22 19:00

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US court has received the latest developments in the BlockFi class action lawsuit: the last objector, Yacov Baron, has withdrawn his motion to intervene and his objection to the compensation agreement.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.

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Project Trinity Launches to Promote Cross-Chain Settlement of Japanese Stablecoins and Security Tokens

Project Trinity Launches to Promote Cross-Chain Settlement of Japanese Stablecoins and Security Tokens

PANews reported on August 22nd that Cosmos has officially launched Project Trinity, a stablecoin-driven delivery versus payment (DvP) settlement project jointly initiated by financial institutions including Sumitomo Mitsui Banking Corporation (SMBC), Progmat, Boostry, and Datachain. TOKI is participating as a technical partner. The project aims to leverage the IBC protocol and LCP technology to enable cross-chain atomic swaps between stablecoins and security tokens, covering blockchain platforms such as Avalanche and Quorum. Japan's stablecoin market is rapidly developing following an update to the Payment Services Act, allowing for the compliant issuance of stablecoins and promoting more efficient and secure financial transaction settlement. The security token market is also expanding, with issuance exceeding 193.8 billion yen (approximately $1.3 billion) by the end of July 2025. Project Trinity aims to ultimately achieve near 24/7 real-time settlement, reducing counterparty and synchronization risks and contributing to the upgrading of Japan's secondary market infrastructure. Furthermore, TOKI will provide cross-chain messaging and middleware support at the technical level to ensure a secure and efficient settlement system. Earlier news reported that Japan's SBI Holdings plans to complete the acquisition of a majority stake in CoinPost on October 1 .
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PANews2025/08/22 21:00
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