BlockFi Allows US Users to Access Accounts Following Court Directive
US-based clients of crypto lending firm BlockFi can now access their accounts after the US Bankruptcy Court for the District of New Jersey issued a directive. BlockFi has initiated the withdrawal process for eligible users in the US, following the court’s orders.
Key Points:
- BlockFi is allowing US users to access their accounts after a directive from the US Bankruptcy Court.
- Withdrawal process has been initiated for eligible users’ wallets in the US.
- International users will have to wait as legal proceedings are still ongoing.
- BlockFi’s decision to lift the suspension aligns with the Wallet Order issued by the court.
- Clients are advised to check their emails or the BlockFi app to determine eligibility.
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In November 2022, BlockFi filed for Chapter 11 bankruptcy protection, indicating it had more than 100,000 creditors and liabilities and assets ranging from $1 billion to $10 billion.
Hot Take:
This development provides some relief for US-based clients of BlockFi who have been unable to access their accounts for several months. However, the situation remains uncertain for international users as legal proceedings are still ongoing. It is important for affected users to stay updated through emails and the BlockFi app to determine their eligibility for accessing their accounts.
