BlockFi To Give California Users $100K Refund
Customers in California will receive reimbursements from BlockFi, according to a report from state authorities on March 27. According to the California Department of Financial Protection and Innovation (DFPI), after a court’s approval, eligible consumers will receive refunds from BlockFi totaling more than $100,000. The regulator said that BlockFi failed to promptly notify clients that […]
Crypto bank Silvergate forced to return $9.85M deposit to BlockFi
Silvergate Bank has been mandated to give $9.85 million back to BlockFi as part of the latter company’s continuing bankruptcy proceedings. According to that court document, BlockFi and Silvergate signed a contract in August 2020 under which the crypto bank would operate as a depository institution for the purposes of processing specific ACH transactions. BlockFi […]
Aggrieved investor files lawsuit against BlockFi execs, Gemini
A class-action lawsuit was launched against BlockFi’s executives, two directors, and cryptocurrency exchange Gemini by an investor with approximately $2 million in frozen funds in the insolvent cryptocurrency lender. Investor Trey Greene accused the defendants of numerous wrongdoings, including violating the consumer fraud and exchange acts, breaching its fiduciary duties, and offering and selling unregistered […]
BlockFi gets approval to launch auction for Crypto mining company
BlockFi Inc. was granted permission by the bankruptcy court to hold an auction for the cryptocurrency lender’s mining operation. During a Monday morning video court hearing, BlockFi attorney Francis Petrie stated that the company intends to submit bids as soon as possible to benefit from the current market circumstances. Petrie informed US Bankruptcy Judge Michael […]
BlockFi to reportedly sell $160M in miner-backed loans
Insolvent cryptocurrency lending company BlockFi reportedly intends to auction off $160 million in Bitcoin miner-backed loans with the deadline for bidders to submit offers for the loans set for Jan. 24. According to two “familiar with the situation” sources quoted in a Bloomberg article from January 24, BlockFi began the process of disposing of the […]