A U.S. bankruptcy judge in New Jersey has extended the deadline for crypto lending company BlockFi Inc. to file its Chapter 11, or reorganization plan, to May 15. The judge said the brief delay was worth it to keep the case running smoothly.​

At the hearing, BlockFi attorney Joshua Sussberg called the extension a "modest" extension and said the company would prepare a plan within two weeks for unsecured creditors to evaluate. U.S. Bankruptcy Judge Michael B. Kaplan noted that the plan would face "unusual" legal and regulatory difficulties; he wanted to avoid "a waste of money and effort" in processing various plan applications. (CoinGape)