BlockFi Estate US Clients Will Receive 100% of the Eligible Claims
The post BlockFi Estate US Clients Will Receive 100% of the Eligible Claims appeared on BitcoinEthereumNews.com. US clients of BlockFi can expect to receive their 100% share of the eligible claim within the next 90 days. BlockFi international clients will have to wait longer due to the longer identity verification process. BlockFi has reached $874.5 million in principal settlement with FTX and Alameda. In the latest development, defunct crypto lender BlockFi announced that based on their current recovery efforts, its clients could receive 100% of the eligible claims. The announcement comes at a time when the crypto lender began the sale process of its FTX claims earlier this week. BlockFi clients need to set up a Coinbase account before august 23 to receive their claims in crypto. Other clients shall receive in cash. BlockFi to Pay From Proceeds of FTX Claims Earlier this month in July, the Plan Administrator – BlockFi Estate – sold the lender’s outstanding claims against bankrupt crypto exchange FTX for an amount that was in excess of the face value of the claims. “As a result, the BlockFi Estate will be distributing 100% of the dollarized petition date value on all allowed customer claims,” noted the defunct crypto lender. Although the date of claim settlement with clients isn’t clear, BlockFi said that it would happen in the near future. The BlockFi Estate is willing to prioritize the safety of client assets while working on the final distribution plan. The crypto lender stated that the US clients can expect to receive their final distributions in the next 90 days. BlockFi is pleased to announce that, based on the BlockFi Estate’s recovery efforts, clients can now expect to receive 100% of your eligible claim from the BlockFi Estate. — BlockFi (@BlockFi) July 25, 2024 It also added that in order to receive the distributions in crypto assets, eligible clients have to set up a…
The post BlockFi Estate US Clients Will Receive 100% of the Eligible Claims appeared on BitcoinEthereumNews.com.
US clients of BlockFi can expect to receive their 100% share of the eligible claim within the next 90 days. BlockFi international clients will have to wait longer due to the longer identity verification process. BlockFi has reached $874.5 million in principal settlement with FTX and Alameda. In the latest development, defunct crypto lender BlockFi announced that based on their current recovery efforts, its clients could receive 100% of the eligible claims. The announcement comes at a time when the crypto lender began the sale process of its FTX claims earlier this week. BlockFi clients need to set up a Coinbase account before august 23 to receive their claims in crypto. Other clients shall receive in cash. BlockFi to Pay From Proceeds of FTX Claims Earlier this month in July, the Plan Administrator – BlockFi Estate – sold the lender’s outstanding claims against bankrupt crypto exchange FTX for an amount that was in excess of the face value of the claims. “As a result, the BlockFi Estate will be distributing 100% of the dollarized petition date value on all allowed customer claims,” noted the defunct crypto lender. Although the date of claim settlement with clients isn’t clear, BlockFi said that it would happen in the near future. The BlockFi Estate is willing to prioritize the safety of client assets while working on the final distribution plan. The crypto lender stated that the US clients can expect to receive their final distributions in the next 90 days. BlockFi is pleased to announce that, based on the BlockFi Estate’s recovery efforts, clients can now expect to receive 100% of your eligible claim from the BlockFi Estate. — BlockFi (@BlockFi) July 25, 2024 It also added that in order to receive the distributions in crypto assets, eligible clients have to set up a…
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