BlockFi Bounces Back from Bankruptcy on October 24, 2023.
BlockFi, a top crypto lender, is back from bankruptcy! They're now preparing to give back assets and repay users. Here's what you need to know.
BlockFi, a leading cryptocurrency lending platform, announced its comeback from bankruptcy. Their quick recovery is due to the hard work of their team and supporters. This marks the start of BlockFi's plan to repay its creditors.
The company's recovery plan includes:
-Recoveries: BlockFi will try to get back assets from companies like FTX and 3AC. If successful, this could increase payouts to clients.
- Withdrawals: BlockFi will keep giving digital assets back to its users, especially those with BlockFi Interest Account (BIA).
- Claims: The process of checking client claims about their asset type and amount will continue, ensuring fair distribution of what's left and what they can recover.
For BlockFi Wallet users, most can already take out their funds. Clients should visit BlockFi.com and ask for a withdrawal. More details are in BlockFi's Wallet Withdrawal FAQs.
BlockFi is now planning how to wind down its BIA service. The team aims to start giving back available assets to users in early 2024. The amount and timing of these returns will also depend on any money they get back from FTX and related companies. BIA and Loan users will get emails about how much they can withdraw.
BlockFi Wallet users need to act fast. They have to request withdrawals before December 31, 2023. After this date, BlockFi will start processing withdrawals for BIA and Retail Loan clients.
BlockFi promises to keep updating its users as they move forward.
