BlockFi, the bankrupt crypto lender, announced Thursday that it will begin first interim crypto distributions via Coinbase (COIN), in July 2024.
More about BlockFi
BlockFi, the first victim of the contagious that was caused by the collapse of FTX in early November 2022, filed for Chapter 11 protection from bankruptcy less than one month after stopping withdrawals. BlockFi began asking the court for permission to release customer withdrawals from the platform.
BlockFi’s bankruptcy restructuring plan was approved by creditors in September 2023. In early 2024 BlockFi reached a settlement with the estates FTX, Alameda Research and Alameda Research, which brought BlockFi and its customers closer to a full recovery.
The announcement stated that “The distributions are processed in batches over the next few months and eligible clients will get a notification via the BlockFi email account on file.” Please note that non US Clients cannot receive funds due to regulatory requirements.
Clients who have not been able to withdraw their funds within the earlier deadlines can contact the administrator of the bankruptcy. The administrator will be able to use Coinbase to distribute future distributions.
