Crypto

BlockFi returns from bankruptcy, begins allowing withdrawals

BlockFi returns from bankruptcy, begins allowing withdrawals

The company will allow some customers in certain markets to retrieve their funds

BlockFi has announced it will begin paying back US and international creditors, according to a blog post on October 24. Withdrawals “are currently available to nearly all Wallet customers,” says the post, which also declares that BlockFi Interest Account (BIA) and Loan clients can begin to withdraw assets early in 2024.

The crypto lender’s return from bankruptcy signifies that BlockFi can now try to collect assets from other companies believed to owe money, including bankrupt crypto outlets such as FTX and Three Arrows Capital. The company can also resume processing claims and distributing assets to its creditors.

The BlockFi team has advised Wallet customers holding assets to log into their accounts and submit a withdrawal request, which allows the team to process it. The firm is organizing the initial allocations to BIA and Loan customers to conform with the bankruptcy procedure, with the first distributions expected to be made early next year.

Future distributions will be completed after this, but the amount depends on how successful BlockFi is regarding bankruptcy litigation involving FTX, among other aspects.

The BlockFi platform first began to have liquidity issues in mid-2022 after the Terra stablecoin collapse. FTX would save the platform, issuing it a $400-million credit line, but it would collapse in November, which also bankrupted BlockFi.

A US court ordered on August 17 that BlockFi be permitted to reimburse Wallet customers in the US in a creditor repayment plan authorized by the bankruptcy court. However, US customers weren’t allowed by the court at that time to withdraw funds. BlockFi Wallet’s current FAQs include an update noting that international users are now permitted to process withdrawals.

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