After the first round of withdrawals concluded on the Blockfi platform, the crypto lender, now in bankruptcy, will partner with Coinbase to manage the subsequent stages. Blockfi, previously a prominent player in crypto lending industry, declared Chapter 11 bankruptcy on Nov. 28, 2022, due to its significant ties with the failed crypto exchange FTX and its related companies.
Blockfi explained on Thursday that customers who missed the April 28, 2024 deadline to withdraw their digital assets can still access their crypto in-kind through a validated Coinbase account. These customers are then able to transfer their funds from Coinbase directly, avoiding the cash conversion. Those Blockfi clients who do not establish a verified Coinbase account might have their in-kind assets converted to cash and distributed as specified in the restructuring plan.
Blockfi has announced that the plan administrator is authorized to use Coinbase for forthcoming distribution stages, including those involving recovered funds from FTX. Without this arrangement, Blockfi emphasized that the administrator would only be able to make cash distributions in future phases. The bankrupt firm further concluded that for clients unable to set up a Coinbase account, all distributions will proceed in cash settlements.
Blockfi appears poised to receive reimbursement from the recovered funds following FTX’s collapse. On Tuesday, FTX announced its intention to repay 98% of its creditors with at least 118% of the allowed claims, a figure substantially higher than initial estimates. “We are pleased to be in a position to propose a Chapter 11 plan that contemplates the return of 100% of bankruptcy claim amounts plus interest for non-governmental creditors,” stated John J. Ray III, the current CEO of FTX.
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