“This transaction marks a final chapter in the wind-down and is the best possible outcome for customers of BlockFi,” said Mohsin Y. Meghji, Plan Administrator of BlockFi Inc. Source
BlockFi Administrator Submits Plan in Court to Make Customers Whole
Tag: BlockFi
BlockFi to Start Interim Crypto Distributions This Month Through Coinbase
“The distributions will be processed in batches in the coming months, and eligible clients will receive a notification to the BlockFi account email on file,” the announcement said. “Please note that non-US Clients are unable to receive funds at this time due to the regulatory requirements applicable to them.” Source
Bankrupt Crypto Lender Blockfi Enlists Coinbase to Distribute Crypto Payouts
The now-defunct crypto lender Blockfi is officially shutting down the firm’s web portal this month according to an update from the firm. Blockfi said that it has partnered with Coinbase to help facilitate the execution of withdrawals to eligible Blockfi customers. Blockfi Collaborates With Coinbase for Withdrawals, Plans to Shut Down Web Portal After the […] Source CryptoX Portal
Zac Prince Departs BlockFi for Real Estate Tech Startup Re Cost Seg
“In marketing, crypto is unique with its 24/7 media cycle, so learning to navigate that and developing strategies, such as partnering with big podcasters, was key,” he continued. I also learned a lot about team building; we had a phenomenal team at BlockFi, many of whom are staying in the crypto industry, and some have even started new crypto companies, which makes me proud.” Source
BlockFi Settles With FTX, Alameda Estates for $874.5M
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FTX, BlockFi claims settlement allowed to proceed, judge declares
Bankrupt crypto companies FTX and BlockFi are allowed to proceed in negotiations for their claims settlement, according to a new court filing. On Nov. 13, United States bankruptcy Judge Michael Kaplan ordered the end of an automatic holding placed on proceedings between the two firms. FTX debtors can now pursue their “arguments, defenses, counterclaims, setoffs, or otherwise” concerning the BlockFi claims in the FTX bankruptcy proceeding. Both entities filed for Chapter 11 bankruptcy status in November 2022 after the implosion of FTX at the beginning of that month. BlockFi is…
BlockFi, FTX Can Start Mediation, File Counterclaims as Automatic Stay Is Lifted by U.S. Judge
The stay has been modified to allow FTX debtors to make “arguments, defenses, counterclaims, setoffs, or otherwise … with respect to the BlockFi claims in the FTX bankruptcy proceeding,” according to a Nov. 13 court order by U.S. bankruptcy judge Michael Kaplan. Source
Luxor refutes claims its Bitcoin hashrate-backed product is BlockFi, Celsius 2.0
An upcoming Bitcoin (BTC) hashrate-backed product that could offer 10% to 13% returns shouldn’t be compared to failed products by BlockFi or Celsius as its returns come from proof-of-work, not “ponzi schemes,” claims the product’s creator Bitcoin mining firm Luxor Technology. The legitimacy of Luxor’s hashrate-backed product was highlighted in an Oct. 17 What Bitcoin Did podcast. Host Peter McCormack expressed concern at Luxor’s upcoming offering and discussed what a worst-case-scenario for Luxor’s product would look like. Luxor’s Head of Derivatives Matt Williams told Cointelegraph that its hashrate-backed product isn’t…
BlockFi emerges from bankruptcy, Worldcoin halts USDC payments and more
Crypto lender BlockFi announced its emergence from insolvency this week, just a few days after FTX announced that it successfully reclaimed approximately $7 billion in assets. FTX debtors, comprising FTX and affiliates, estimate that $8.7 billion has been misappropriated from customers. BlockFi has lent FTX more than $650 million, making it one of the exchange’s largest creditors, which means its customers’ repayment success is tied to FTX’s ability to recover its assets. FTX’s new management is also carefully considering its future options, including selling the entire exchange — which includes…
Crypto Lender BlockFi Begins Shutdown, Asks Clients to Submit Withdrawal Request
BlockFi revealed that it has emerged from bankruptcy court, having received approval for its reorganization plan from all relevant stakeholders. Nearly 11 months after it first declared bankruptcy, the crypto lender BlockFi has now officially begun the process of winding down its operations. In line with this, the company has asked its wallet users to tender their withdrawal requests on its website to claim their funds. However, there is a December 31 deadline for the requests. In the October 24 announcement, BlockFi revealed that it has emerged from bankruptcy court,…