BlockFi, the crypto platform that faced a turbulent period during the crypto winter, has made progress in its recovery process. After 11 months since its collapse, BlockFi has exited from bankruptcy procedures, marking a turning point for its users.
International Users Granted Withdrawal Access While Wait Continues for Loan
Following the approval from the New Jersey bankruptcy court, BlockFi has allowed international users with Wallet accounts to withdraw their funds immediately. This move brings relief to users outside the United States who were previously unable to access their assets.
While Wallet account holders can now access their funds, users with Loan and BlockFi Interest Accounts (BIA) will have to wait a little longer. The company plans to notify these account holders via email in the coming months, guiding them on how to withdraw a percentage of their funds based on the available recovery process.
BlockFi’s Ongoing Legal Pursuits
The firm remains committed to maximizing returns for BIA holders. The company is actively pursuing legal actions against entities like FTX and 3AC to recover additional funds. These efforts aim to ensure that users of Loan and BIA accounts receive the best possible compensation.
The company’s management and stakeholders have worked diligently to reach this critical milestone. The company proudly announced its effective resolution, highlighting that it achieved recovery faster and more efficiently than many other retail crypto platforms facing similar challenges.