According to a legal document filed by FTX on Wednesday, FTX opposes BlockFi's proposed bankruptcy plan, saying that the plan involves more than $1 billion in disputed transactions and unfairly reduces its huge claims against BlockFi. FTX rescued BlockFi last year and then filed for bankruptcy in November last year. BlockFi plans to discuss its bankruptcy plan at a New Jersey court hearing on July 13, but was opposed by hedge fund Three Arrows Capital (3AC) and the US SEC. 3AC said that BlockFi owes it more than $220 million, while the SEC said the proposed terms of releasing BlockFi and its management are too vague and broad. (CoinDesk) As previously reported, BlockFi creditors applied for liquidation of the company and accused management, including BlockFi CEO Zac Prince, of delaying the bankruptcy process and engaging in fraud, extortion and other behaviors. BlockFi has a monthly management cost of $16 million and is still paying salaries to more than 100 people, but many of them "do almost nothing except playing golf." At the same time as the creditors filed their application, BlockFi submitted an updated plan under Chapter 11 of the Bankruptcy Code. Holders of BlockFi interest accounts, which are owed about $1 billion in total, can expect to recover between 39% and 100% of their assets under the bankruptcy plan, compared with 36% to 60% if assets are simply liquidated, according to a revised disclosure statement.