According to a blog post on October 24th, the cryptocurrency lending platform BlockFi has announced its escape from bankruptcy and readiness to repay some of its creditors.
The blog post states that the withdrawal feature is “now available to nearly all platform users using the wallet.” As for Loan (lending) and BIA (BlockFi Interest Account) customers, they will be able to withdraw some assets by early 2024.
Currently, BlockFi is in the process of recovering assets from other companies, including cryptocurrency platforms that have gone bankrupt, such as Three Arrows Capital and FTX. Importantly, the amount BlockFi pays to creditors will depend on the funds the company recovers.
*BlockFi’s communication with customers will only be sent through official email channels, on social media @BlockFi, or through our complaint agent, Kroll ([email protected]).
BlockFi is a leading cryptocurrency lending platform in the market. Due to the Terra “disaster” in mid-2022, BlockFi faced difficulties and had to declare bankruptcy. At that time, FTX rescued the platform with a $400 million credit line. Unfortunately, FTX declared bankruptcy shortly thereafter in November 2022. This left BlockFi in a state of uncertainty, and they have been working to find another way out of bankruptcy.