BlockFi: Has Returned Over $500 Million in Cryptocurrency, Will Open Next Round of Funding Returns

In a post on the X platform, BlockFi said that on 22 January 2024, BlockFi completed the return of cryptocurrency from its wallet product, returning all requested customer assets in full and in kind to nearly 130,000 customers, with a total cryptocurrency value of more than $500 million. Today BlockFi announced the start of its next round of funds return. Beginning in February, customers of BlockFi's residual business, which includes BlockFi Interest Accounts (BIAs), lending clients, and private clients, were able to initiate withdrawal requests. To be eligible for a distribution, claimants must have an allowable claim, and claimants who have filed a claim but have not yet had it coordinated and approved will be eligible after the claim is coordinated. Withdrawal openings will be staggered based on account type and value to minimise risk and to ensure smooth withdrawals for all participants within the expected timeframe of a few weeks. As a result, not all accounts will be available immediately and further announcements regarding the opening dates for each type of account will be made separately. This is the first wave of refunds from these operations and BlockFi expects to return 20-40% of the allowed claims from eligible customers. BlockFi continues to anticipate further recoveries of FTX assets, which will be distributed to customers as they are received. Withdrawals will be made in batches and customers who are eligible for withdrawals will receive an email with specific instructions.