Embattled crypto financier BlockFi announced its next plans on Thursday. Closing the web platform This month, we are partnering with Coinbase to distribute funds to our customers.
The New Jersey-based company said its partnership with Coinbase will enable eligible BlockFi interest accounts, retail loans, and individual customers to withdraw their crypto holdings.
BlockFi filed for bankruptcy in November 2022 after the collapse of FTX. CEO Zach Prince, who testified as a government witness in Bankman Freed's criminal trial, claims that the FTX founder's actions were the direct cause of BlockFi's bankruptcy.
Has your BlockFi withdrawal deadline passed? You can still recover your cryptocurrencies
In 2023, BlockFi announced that it would be shutting down. Plan to return Amount of customer's cryptocurrency holdings.of deadline Most customers requested withdrawals on April 28, 2024.
On Thursday, the lender informed customers that the deadline to withdraw digital assets from current real estate distributions has passed and customers will receive instructions on how to set up a Coinbase account. If you have an existing or newly approved Coinbase account, you can withdraw your digital assets through this method.
The company is also giving a second chance to those who have missed the withdrawal deadline. They still have the option to exit BlockFi's platform. A person who has not established his authorized Coinbase account may convert his assets into cash and have them distributed accordingly.
BlockFi tells customers to download important documents before platform closure
Plan administrators have the authority to use Coinbase for future distribution rounds, which may include distributions from funds recovered from FTX. Without this feature, administrators would only be able to distribute cash in subsequent distributions.
BlockFi said it has no plans to collaborate with additional providers regarding the distribution of cryptocurrencies. As such, it cautioned investors to remain vigilant against potential fraudulent activity by third parties. BlockFi is used to be a target A fraudulent act in which the claimant received a deceptive email that resembled a legitimate communication that falsely promised to immediately withdraw the remaining balance.
Additionally, customers were encouraged to obtain their transaction history, tax documents, and other relevant information from BlockFi before the shutdown occurred.
