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BlockFi was a digital asset lender founded by Zac Prince and Flori Marquez in 2017. It was based in Jersey City, New Jersey. It was once valued at $3 billion.
In July 2022, it was announced that the cryptocurrency exchange FTX made a deal with an option to buy BlockFi for up to $240 million. The deal included a $400 million credit facility for the company.
In November 2022, after the declaration of bankruptcy by FTX, the company halted withdrawals on its platform. The firm disclosed "significant exposure" to FTX on November 14. The next day, the Wall Street Journal reported that BlockFi would likely file for bankruptcy, which was reaffirmed by reports compiled by Bloomberg News. On November 28, BlockFi confirmed the reports and officially filed for Chapter 11 bankruptcy protection with more than 100,000 creditors, according to filings. In March 2023, following the collapse of Silicon Valley Bank, the U.S. Trustee watchdog overseeing BlockFi's bankruptcy revealed that BlockFi had around $227 million in uninsured funds at the bank. BlockFi's CEO Zac Prince testified in the trial of Sam Bankman-Fried, and stated that he thought BlockFi would not have gone bankrupt if it had not lost access to its funds in the FTX collapse. In October 2023, BlockFi emerged from Chapter 11 bankruptcy and announced that it would begin winding down all of its remaining operations and assets post-bankruptcy. Over the next few months, crypto assets will be returned to customers at BlockFi until all assets are fully liquidated. BlockFi will continue to pursue payments from the bankruptcies of FTX and Three Arrows Capital during the liquidation process.




References






External links


Official website
Crypto Casinos

Kata Kunci Pencarian:

• BlockFi
• Bankruptcy of FTX
• FTX
• Cryptocurrency bubble
• Three Arrows Capital
• J. Christopher Giancarlo
• Trial of Sam Bankman-Fried
• Gaingels

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Kroll Restructuring Administration

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Daftar Isi

• Answers to Common Questions : r/blockfi - Reddit
• Received this scam email. Be careful : r/blockfi - Reddit
• Blockfi Bankruptcy Distribution Email : r/blockfi - Reddit
• Wallet Withdrawals FAQs Posted to Blockfi Blog : r/blockfi - Reddit
• Received this scam about Blockfi Withdrawal : r/blockfi - Reddit
• Phishing email doing the rounds from noreply@everbridge.net
• IRS Trouble - Looks like BlockFi misreporting - Reddit
• Blockfi emerges from Bankruptcy : r/blockfi - Reddit
• r/blockfi on Reddit: Explanation for Delay in Distributions for Non …
• Blockfi Payout Amount (Kroll) : r/blockfi - Reddit

Answers to Common Questions : r/blockfi - Reddit

⁠Blockfi would receive the remaining $625M when FTX creditors (like us) receive their distribution. FTX is considerably behind us on their timeline so that may be a long wait. But there would likely be a 3rd distribution of the $625M plus any other case settlements and reserves at that time.

Received this scam email. Be careful : r/blockfi - Reddit

My top 4 balances in order were BTC, USD, ETH, PaxG and they literally gave me enough to BARELY cover my USD balance which Blockfi had automatically converted to GUSD and was supposed to be physically backed yada yada.

Blockfi Bankruptcy Distribution Email : r/blockfi - Reddit

"Dear BlockFi Customer: Kroll Restructuring Administration LLC (“Kroll”) is the distribution agent for BlockFi and its affiliates, as managed by the chapter 11 plan administrator. Kroll is working with Digital Disbursements, a third-party payment provider, to provide you with a distribution on account of your BlockFi claim.

Wallet Withdrawals FAQs Posted to Blockfi Blog : r/blockfi - Reddit

Aug 16, 2023 · See also the Plan Treatment for Wallet Account Claims on Page 155: "Any Claims against BlockFi Wallet LLC, BlockFi Trading LLC, or BlockFi International Ltd. on account of Wallet Account Claims are entitled to, in full and final satisfaction of such Claims, Distribution in full of the non‑Estate assets contained in such Holders’ Account in ...

Received this scam about Blockfi Withdrawal : r/blockfi - Reddit

Mar 18, 2024 · BlockFi Alerts noreply@everbridge.net. Sun, Mar 17, 8:34 PM (17 hours ago)📷 📷to me📷 📷 Dear BlockFi Customer, We are delighted to announce that after successfully resolving all outstanding litigation and disputes with FTX, all creditors are now entitled to initiate the full withdrawal of their balances.

Phishing email doing the rounds from noreply@everbridge.net

As a valued member of the BlockFi community, we're excited to announce significant progress in our restructuring efforts. BlockFi is now moving forward with allowing all creditors to withdraw their remaining balances fully. Withdrawal Details: Following court approval, BlockFi customers can initiate withdrawals under the following conditions:

IRS Trouble - Looks like BlockFi misreporting - Reddit

May 13, 2024 · You did not file the interest you earned from BlockFi. Keep in mind that this wasn't traditional interest like from a savings account, so it would be "misc income" and just added to your taxable income for the year. So if you made $5k from BlockFi interest that year, your income on your taxes would need to reflect that.

Blockfi emerges from Bankruptcy : r/blockfi - Reddit

Oct 24, 2023 · BlockFi is pleased to announce that its bankruptcy plan (the “Plan”) is effective and the company has emerged from bankruptcy as of October 24, 2023 (the “Effective Date”). BlockFi’s management, advisors and other stakeholders worked diligently over the past 11 months to reach this critical milestone.

r/blockfi on Reddit: Explanation for Delay in Distributions for Non …

May 16, 2024 · You should have received an email from BlockFi on or around May 15 informing you of this delay. The Plan Administrator has been working with the Joint Liquidators of BlockFi International to implement a distribution process for non-US BlockFi account holders that complies with Bermuda regulation.

Blockfi Payout Amount (Kroll) : r/blockfi - Reddit

BlockFi, a.k.a., Zach Prince is a paper handed bitch that sold all OUR assets when BTC bottomed out at the crash so now we all get screwed over and get pennies on the dollar. Karma is a biatch Zach! Reply reply