{"id":62605,"date":"2023-10-25T04:06:18","date_gmt":"2023-10-25T08:06:18","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62605"},"modified":"2023-10-25T04:08:45","modified_gmt":"2023-10-25T08:08:45","slug":"blockfi-emerges-from-bankruptcy-opens-wallet-withdrawals","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/blockfi-emerges-from-bankruptcy-opens-wallet-withdrawals\/","title":{"rendered":"BlockFi Emerges From Bankruptcy, Opens Wallet Withdrawals"},"content":{"rendered":"\n

BlockFi announced on Oct. 24 that it has emerged from bankruptcy and can now enact the various parts of its bankruptcy plan<\/a>, including a wind-down.<\/p>\n\n\n\n

\"BlockFi
BlockFi Emerges From Bankruptcy, Opens Wallet Withdrawals<\/figcaption><\/figure>\n\n\n\n

BlockFi, a troubled Bitcoin lending platform forced to cease withdrawals when FTX failed, has announced that it will emerge from bankruptcy faster than planned and that its bankruptcy plan will be implemented immediately. <\/p>\n\n\n\n

After reaching this milestone, the cryptocurrency company, which was affected by the spread of FTX's collapse<\/a>, is able to legally start implementing all of the tactics described in its Reorganization Plan. <\/p>\n\n\n\n

The priority on this list is paying back its debtors as well as everyone else who suffered because BlockFi operations were halted in accordance with the conditions of the Plan. The official BlockFi announcement:<\/p>\n\n\n\n

\n

“BlockFi's management, advisors, and other stakeholders worked diligently over the past 11 months to reach this critical milestone. We are proud to say that BlockFi reached its Effective Date more quickly and efficiently than many other retail crypto companies,” <\/p>\n<\/blockquote>\n\n\n\n

Additionally, BlockFi is now free to pursue the recovery of all assets and liabilities that the company is due by parties including Three Arrows Capital <\/a>(3AC), FTX, and others. The outcome of BlockFi's legal action will significantly impact the size of client recoveries. <\/p>\n\n\n\n

Notably, BlockFi has more than $1.2 billion related to SBF's FTX and Alameda Research, according to a financial document that was accidentally posted at the start of this year.<\/p>\n\n\n\n

The cryptocurrency lender will continue providing digital assets to customers, including BlockFi Interest Accounts\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> (BIA) owners. Concurrently, the claim reconciliation procedure for clients will proceed uninterrupted. <\/p>\n\n\n\n

This is done to ensure that each claim is accurately reported in terms of asset class and amount. Another factor is ensuring that all clients receive fair and equal distributions of the assets that have been recovered.<\/p>\n\n\n\n

BlockFi Starts Withdrawing Again<\/h2>\n\n\n\n

The bankruptcy court has already authorized the repayment of up to $300 million to owners of BlockFi custodial wallets<\/a>. Most wallet users now have access to their accounts, and withdrawals can once again be made. <\/p>\n\n\n\n

Any customer can request a withdrawal by logging onto BlockFi.com and doing so. On the other hand, Retail Loans customers and BIA holders are anticipated to get emails in the upcoming months requesting that they withdraw their money in accordance with the Plan-approved recovery levels.<\/p>\n","protected":false},"excerpt":{"rendered":"

BlockFi announced on Oct. 24 that it has emerged from bankruptcy and can now enact the various parts of its bankruptcy plan, including a wind-down. BlockFi, a troubled Bitcoin lending platform forced to cease withdrawals when FTX failed, has announced that it will emerge from bankruptcy faster than planned and that its bankruptcy plan will […]<\/p>\n","protected":false},"author":43,"featured_media":62607,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[10893,1553,353],"class_list":["post-62605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bankruptcy","tag-blockfi","tag-wallet"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/croc_1698214441159.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62605"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62607"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}