The BlockFi administration notified all interested parties about the successful completion of the necessary measures to declare the company insolvent and the approval by the judicial authorities of the decision to begin compensation payments.
“The company expects that payments to investors will take place in several stages. At the same time, the amount of assets available for distribution will directly depend on BlockFi’s results in the bankruptcy case of the collapsed FTX crypto exchange,” company representatives added.
Users who had interest-bearing accounts on BlockFi will receive a notification inviting them to withdraw their available funds within the next few months, the project team promised.
Recall that crypto lender BlockFi filed for bankruptcy and self-liquidation in November 2022, citing volatility in the cryptocurrency markets and significant losses amid the collapse of the FTX cryptocurrency exchange.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
