Crypto Lending Platform BlockFi: Customers withdraw frozen funds
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BlockFi, a bankrupt bitcoin lender, filed a petition with the US Bankruptcy Court. According to their statement, they wish to make it possible for users to withdraw the digital assets that are kept in their BlockFi Wallet Accounts. However, this request has no bearing on withdrawals from the interest accounts that are now on hold.
BlockFi Files a Bankruptcy Petition to Allow Clients to Withdraw Frozen Assets, Image by Yahoo Finance
As of November 10, BlockFi has suspended all withdrawals from the Accounts Wallet. However, they are actively working to find a solution. The lender filed a petition with the New Jersey Bankruptcy Court on December 19 requesting authorization to accept customer withdrawals.
In the court documents, approval is also sought to modify the user interface. They require it in order for the transactions that occurred during the suspension to be appropriately reflected. BlockFi said that they believe their users have total control over the digital assets in their wallets in an email to customers. It went on to say that obtaining consent is an important step in guaranteeing that all consumers are treated equitably.
BlockFi currently anticipates that their request will most definitely be reviewed at the hearings set on January 9. They ceased making withdrawals on November 10 and then filed for bankruptcy on November 28. However, it now appears that BlockFi is taking extraordinary steps to safeguard user money and its claims. Users shouldn't have to wait long for the complete restructuring process to finish before retrieving their digital possessions.
Final Reflections
As the initial chaos from FTX fades, businesses that were affected are now trying to vacate their position. Naturally, many companies continue to be insolvent, and many of the affected customers continue to lose money. There is no guarantee that everyone will receive their money back in a satisfactory manner. Keep in mind that at least some companies are giving it their all.
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