News

BlockFi Wallet Withdrawal Window Will Close On December 31

Key Points:

BlockFi reminds users to submit BlockFi wallet withdrawal applications by December 31, 2023, to quickly receive cryptocurrency funds.
Users must complete identity verification by January 12, 2024, 11:59 p.m. UTC.
BlockFi, post-bankruptcy, is set to repay creditors and recover assets from firms like Three Arrows Capital and FTX.

BlockFi, the crypto lending platform, issues a crucial reminder to eligible users to initiate withdrawals from their BlockFi wallet accounts.

BlockFi Wallet Withdrawal Deadline Approaches

The deadline for submission is set at 11:59 p.m. UTC on December 31, 2023. Users are urged to complete withdrawal applications promptly to ensure swift receipt of cryptocurrency funds.

Additionally, identity verification information requests must be submitted before January 12, 2024, 11:59 p.m. UTC. Following the closure of the withdrawal identity verification process window, scheduled for the same date and time, any remaining BlockFi wallet withdrawal balances will be converted to cash and distributed in US dollars.

Notably, unclaimed wallet distributions after the BlockFi wallet withdrawal window expires will be treated as restricted property under Section 347(b) of the United States Bankruptcy Code. Such unclaimed assets will be irretrievably returned to BlockFi, as stipulated in Article VI.C(6) of the Third Amended Joint Plan.

Having successfully emerged from bankruptcy in October, BlockFi is now poised to repay creditors. This milestone enables the platform to pursue asset recovery from firms like Three Arrows Capital (also known as “3AC”) and FTX. Moreover, BlockFi can resume distributing assets to creditors and processing claims. The company emphasizes that BlockFi Interest Account (BIA) and Loan customers will gain access to withdrawal options for some assets in early 2024.

As BlockFi facilitates the withdrawal process, it marks a significant step forward in its post-bankruptcy operations, aiming to meet user needs and fulfill its financial obligations.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.