{"id":85147,"date":"2024-07-26T03:07:58","date_gmt":"2024-07-26T07:07:58","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=85147"},"modified":"2024-07-26T03:09:33","modified_gmt":"2024-07-26T07:09:33","slug":"blockfi-estate-clients-to-get-100-of-eligible-claims","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/blockfi-estate-clients-to-get-100-of-eligible-claims\/","title":{"rendered":"BlockFi Estate Clients To\u00a0Get 100% of Eligible Claims"},"content":{"rendered":"\n

BlockFi clients have to sign up for Coinbase before August 23 to receive their\u00a0crypto claims<\/a>. Other clients will receive cash.<\/p>\n\n\n\n

\"BlockFi<\/figure>\n\n\n\n

In the most recent development, BlockFi, a defunct crypto lender, announced that its clients could receive 100% of the eligible claims based on their current recovery efforts.<\/p>\n\n\n\n

This announcement coincides with the start of the crypto lender's FTX claim sale process earlier this week.<\/p>\n\n\n\n

BlockFi to Pay From Proceeds of FTX Claims<\/h2>\n\n\n\n

Earlier this month, in July, the Plan Administrator – BlockFi Estate – sold the lender's outstanding claims against bankrupt crypto exchange FTX <\/a>for over the face value of the claims.<\/p>\n\n\n\n

\u201cAs a result, the BlockFi Estate will be distributing 100% of the dollarized petition date value on all allowed customer claims,\u201d noted the defunct crypto lender.<\/p>\n\n\n\n

Although the date of claim settlement with clients is uncertain, BlockFi stated that it would occur in the near future.<\/p>\n\n\n\n

The BlockFi Estate\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> is prepared to prioritize the protection of client assets during the development of the final distribution plan.<\/p>\n\n\n\n

The crypto lender has indicated that the final distributions will be received by US clients<\/a> within the next 90 days.<\/p>\n\n\n\n

\n

BlockFi is pleased to announce that, based on the BlockFi Estate\u2019s recovery efforts, clients can now expect to receive 100% of your eligible claim from the BlockFi Estate.<\/p>\n\n\n\n

\u2014 BlockFi (@BlockFi) July 25, 2024<\/p>\n<\/blockquote>\n\n\n\n

It was also stated that eligible clients must create a Coinbase account by August 23, 2024, in order to receive the distributions in crypto assets.<\/p>\n\n\n\n

However, customers who have submitted their claims to BlockFi by the deadline and do not have a Coinbase account will receive their eligible distributions in cash.<\/p>\n\n\n\n

International Clients Will Have to Wait Longer<\/h2>\n\n\n\n

BlockFi also advised its international clients that they may need to wait a little more due to Bermuda's regulatory requirements.<\/p>\n\n\n\n

These regulations would require the organization to perform additional identity verification and “Know Your Customer” (KYC) diligence before conducting distributions.<\/p>\n\n\n\n

However, to guarantee timely distributions, the Plan Administrator and Joint Liquidators would expedite the necessary diligence.<\/p>\n\n\n\n

The cryptocurrency lender stated that it would contact overseas customers to do due diligence and ensure timely distributions.<\/p>\n\n\n\n

BlockFi began the sale process for its FTX claims on June 24 and completed it by July 10.<\/p>\n\n\n\n

Over $874.5 million in principal settlement was achieved by the crypto lender with FTX and Alameda.<\/p>\n","protected":false},"excerpt":{"rendered":"

BlockFi clients have to sign up for Coinbase before August 23 to receive their\u00a0crypto claims. Other clients will receive cash. In the most recent development, BlockFi, a defunct crypto lender, announced that its clients could receive 100% of the eligible claims based on their current recovery efforts. This announcement coincides with the start of the […]<\/p>\n","protected":false},"author":56,"featured_media":85149,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[1553,20848,20849],"class_list":["post-85147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-blockfi","tag-blockfi-estate","tag-ftx-claims"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/07\/BlockFi-Estate-Clients-To-Get-100-of-Eligible-Claims.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85147","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\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=85147"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/85147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/85149"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=85147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=85147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=85147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}