Crypto Updates

BlockFi Says It Has Emerged From Bankruptcy, Kicks Off Wallet Withdrawals for Eligible Clients

Most Dogecoin Holders Are in Profit While Majority of Shiba Inu Owners Remain Underwater: IntoTheBlock

A crypto lending platform that stopped customer withdrawals last year amid the FTX crisis says it will now be able to pay its creditors after emerging from bankruptcy.

BlockFi filed for bankruptcy on November 28th, 2022 after sustaining big financial losses from the implosion of crypto exchange FTX, one of its top borrowers.

Nearly a year after its collapse, the company says its recovery plan has worked.

“BlockFi is pleased to announce that its bankruptcy plan (the ‘Plan’) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the ‘Effective Date’). 

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.”

BlockFi says the emergence will allow it to recover funds from its borrowers and their bankruptcy estates, distribute assets back to its clients and continue with the claims reconciliation process.

The company also says it is now working to enable its qualified customers to withdraw their funds that were frozen on the BlockFi Wallet.

“If you are eligible to withdraw and have not taken action yet, please submit a withdrawal request to receive your funds in crypto as soon as possible, before the Wallet withdrawal window closes on December 31, 2023 at 11:59 PM UTC.”

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Click Here to Read the Full Original Article at The Daily Hodl…