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BlockFi Asks the Court for Permission to Return Customer Funds

BlockFi Asks the Court for Permission to Return Customer Funds

BlockFi calls its motion “an important step toward <the> goal of returning assets to clients through <their> Chapter 11 cases.”

BlockFi, a now-bankrupt crypto lender established in 2017, has filed a motion asking the Court permission to allow its customers to withdraw funds from their BlockFi wallets.

According to the motion filed for the U.S. Bankruptcy Court in the District of New Jersey on December 19th, the objective to return funds to its clients is BlockFi’s attempt to do “right by <the> clients.”

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Through this motion, the Debtors seek to do <right by their clients> by permitting clients to access digital assets that are owned by them and were held in their Wallet Accounts on BlockFi’s platform as of the Platform Pause.

Apart from allowing customers to withdraw their funds, BlockFi is asking the Court permission to “update the user interface to properly reflect transactions and assets as of the platform pause, and conduct ordinary course reconciliation of accounts.”

BlockFi stated that the motion will not impact withdrawals or transfers from BlockFi Interest Accounts.

On December 19th, BlockFi customers used Twitter to share screenshots of messages sent by BlockFi. In the letter to users, BlockFi called the motion “an important step toward <the> goal of returning assets to clients through <their> Chapter 11 cases.”

On top of that, the bankrupt crypto lender added that it plans on seeking the same approval from the “Supreme Court of Bermuda concerning BlockFi Wallet Accounts held at BlockFi International Ltd.”

Crypto blogger Tiffany Fong, the same person who was first to share a detailed interview with former FTX CEO Sam Bankman-Fried, has praised BlockFi for “moving exponentially” quicker than Celsius in its Chapter 11 proceedings.

BlockFi stated that the hearing regarding the matters will be held on January 9th, 2023, with the objections being accepted until January 2nd. On the other hand, a hearing regarding BlockFi International Ltd is scheduled to take place on January 13th before the Supreme Court of Bermuda.

It is worth noting that BlockFi filed for bankruptcy at the end of November.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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