A Crypto Lending Platform Emerges from Bankruptcy and Restarts Wallet Withdrawals
A crypto lending platform that faced financial losses due to the collapse of FTX, a major crypto exchange, has announced its emergence from bankruptcy and the resumption of wallet withdrawals for eligible clients.
Last year, BlockFi filed for bankruptcy after suffering significant losses from its top borrower, FTX. After nearly a year, the company has successfully implemented its recovery plan.
BlockFi’s management, advisors, and stakeholders have worked diligently over the past 11 months to achieve this milestone, which was accomplished more efficiently than many other retail crypto companies.
With its emergence from bankruptcy, BlockFi can now recover funds from borrowers and their bankruptcy estates. The company plans to distribute assets back to clients and continue with the claims reconciliation process.
In addition, BlockFi is actively working on enabling qualified customers to withdraw their funds that were previously frozen in the BlockFi Wallet. Eligible clients are encouraged to submit withdrawal requests before the Wallet withdrawal window closes on December 31, 2023.
Hot Take: BlockFi Bounces Back Stronger Than Ever
After facing financial hardships and filing for bankruptcy following the FTX crisis, BlockFi’s recovery plan has proved successful. The company has emerged from bankruptcy and is now able to pay its creditors. With the resumption of wallet withdrawals, eligible clients can access their funds once again. This achievement showcases BlockFi’s resilience and determination to overcome challenges in the ever-changing crypto landscape. As BlockFi continues to recover funds and distribute assets back to its clients, it demonstrates its commitment to providing reliable services in the crypto lending industry.
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