Cryptocurrency lender BlockFi begins returning digital assets to clients
Cryptocurrency lender BlockFi, which recently underwent bankruptcy, has announced the start of the process of returning digital assets to its clients. The firm plans to complete the distribution of assets through the Coinbase platform by the end of July, according to the latest update.
BlockFi informed its users about this through X (formerly Twitter). The return process will be carried out in several stages over the next few months. Clients will receive detailed instructions to the email address they provided during registration. However, non-US residents currently cannot receive their funds due to certain regulatory requirements.
Collaboration with Coinbase and current payment procedures
In May 2024, BlockFi announced the closure of its operations and began collaborating with Coinbase to withdraw funds. Users must have an approved account on the Coinbase platform to receive their cryptocurrencies. Requests for fiat funds are processed through Kroll and Digital Disbursements to ensure reliability and transparency.
Future payments and reimbursements
The BlockFi trustee will use Coinbase for future financial transactions, including reimbursements from FTX and Alameda Research. A settlement agreement was reached for a payout of $875 million to settle with these organizations. BlockFi is committed to reimbursing funds and completing liquidation processes for both current and future compensations.
Conclusion: The return of digital assets to BlockFi clients through Coinbase is an important step in the company’s liquidation process. Despite regulatory complexities, the company is working to ensure a fair and efficient distribution of assets. Clients should stay informed and prepare for future transactions to receive their funds within established deadlines.
