BlockFi Announces First Interim Distribution of Funds
BlockFi, a crypto lender that recently declared bankruptcy, has taken a significant step in repaying its clients. In a recent announcement, the company revealed that the first interim distribution of funds through Coinbase will begin this month.
Interim Distribution Process
The interim distribution process is set to start in July and will be carried out in batches over the next few months. Eligible clients will receive notifications regarding their repayment through the email associated with their BlockFi accounts.
Restrictions for Non-US Clients
Unfortunately, clients located outside the US will not be able to receive funds at this time due to regulatory requirements. BlockFi has to comply with these regulations before distributing funds to international clients.
Partnership with Coinbase
In order to streamline the distribution process, BlockFi has partnered with Coinbase. This partnership will allow funds to be allocated efficiently to eligible BlockFi Interest Account (BIA), Retail Loan, and Private clients. Clients who are unable to open a Coinbase account will receive their repayments in cash.
Exiting Bankruptcy: BlockFi Repayment Efforts
After successfully emerging from bankruptcy in October 2023, BlockFi began its repayment efforts to over 130,000 clients. The firm assured clients with interest-bearing Earn accounts that they would receive a significant portion of the value in their accounts, ranging from 39.4% to 100%.
Bankruptcy Filing and Recovery
BlockFi had filed for Chapter 11 bankruptcy protection in November 2022 following the collapse of FTX. Despite the challenging circumstances, the company remained committed to honoring its obligations to its creditors, with assets and liabilities totaling between $1 billion to $10 billion. BlockFi is actively pursuing claims against FTX and Alameda Research to enhance the repayment values for its clients, with these claims estimated to be valued at approximately $875 million.
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