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Tag Archives: blockfi

BlockFi Expects to Enable Customer Withdrawals By 2023 Summer

Bankrupt lending platform BlockFi needs to conduct updates before enabling customer withdrawals of crypto assets held in its wallet accounts that are not subject to potential preference claims. In an emailed statement to its clients, BlockFi said it should conclude all the necessary “work” to enable customer withdrawals by this summer. The company said it will add a new product functionality to its platform before enabling withdrawals but has not detailed what these features...

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BlockFi to Liquidate Lending Platform After Futile Sales Attempts

Bankrupt crypto lender Blockfi has requested that a court authorize the sale of its lending business as it looks to generate funds to repay creditors. The move comes after futile attempts to sell the lending platform to a third party. BlockFi disclosed that it did not receive value-maximizing offers from potential buyers. BlockFi Looks to Liquidate Lending Business The bankrupt lender disclosed the Chapter 11 restructuring plan in a document filed with the U.S. Bankruptcy...

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BlockFi Custodial Customers to Receive $300M in Repayment, While BIA Holders Risk Losing Investment to Company’s Creditors

A judge has approved repayment for BlockFi custodial wallet holders but said interest-bearing funds still belong to the bankrupt company.  BlockFi custodial wallet users could receive a massive $300 million repayment from the bankrupt digital asset lender. On Thursday, a New Jersey judge ruled that the assets locked in BlockFi’s custodial accounts belong to clients rather than the company’s estate. However, the judge further ruled that another $375 million that users sought to transfer...

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Who Has Exposure to SVB and Signature Bank? A Closer Look

Silicon Valley Bank and the crypto-friendly – Signature Bank – disclosed operational difficulties and were closed down by regulators. While some expect the collapse to prompt a domino effect, numerous cryptocurrency-related companies have already suffered losses because of their exposure to the aforementioned institutions. Let’s have a closer look. SVB’s Impact As CryptoPotato reported last week, Circle – the Boston-based company which issues the second-largest stablecoin...

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BlockFi Files Motion to Dismiss Bankruptcy Case for SBF’s Emergent Fidelity

Bankrupt crypto lender BlockFi has filed a motion to dismiss the bankruptcy case for Emergent Fidelity Technologies, the holding firm owned by Sam Bankman-Fried (SBF), founder and former CEO of FTX. In the motion, filed on Thursday in the United States Bankruptcy Court for the District of Delaware, BlockFi argued that Emergent is not eligible for a bankruptcy case as it has no other assets than 56 million Robinhood shares. BlockFi Seeks to Dismiss Emergent’s Bankruptcy Case...

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BlockFi Wins Approval to Arrange Auction for Mining Business

Bankrupt crypto lending platform BlockFi received court approval to put its Bitcoin mining business up for auction.  The company plans to sell its equipment as fast as possible, to take advantage of currently favorable market conditions. Selling While They Can BlockFi lawyer Francis Petrie told US Bankruptcy Judge Michael Kaplan on Monday that the company has already received bids for many of its assets, and expects more to come, according to BNN Bloomberg. This comes a week...

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Silvergate Capital Announced a $1 Billion Net Loss for Q4, 2022

The cryptocurrency-focused bank – Silvergate Capital – reported a net loss of $1 billion for the last quarter of 2022 due to the turmoil reigning in the digital asset sector. The firm recently laid off nearly half its workforce amid massive client withdrawal requests. The Disappointing Q4 The fourth quarter of 2022, with its market decline and company bankruptcies, put a dark stamp on crypto’s legacy. The California-based Silvergate Capital said those dynamics triggered a...

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BlockFi to Reveal Statement of Financial Affairs on January 11th

BlockFi said it plans to disclose assets and liabilities, as well as statements of certain payments made by the platform to insiders and other parties prior to its bankruptcy filing in November. In the latest update, the embattled crypto lending announced it would file both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023. “BlockFi looks forward to continuing its open dialogue with the UCC, U.S. Trustee, and all...

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