BlockFi's Recovery from Bankruptcy - A Quick Overview. 📈
- BlockFi recently announced that it has emerged from bankruptcy as of October 24, 2023.
- Last year, BlockFi filed for Chapter 11 bankruptcy when it faced financial difficulties.
- Users of the platform are eager to know when they can withdraw their funds.
Details on the Recovery and Fund Withdrawal
- Users can now initiate withdrawal requests through the BlockFi website.
- BlockFi plans to begin the liquidation process as outlined in its recovery plan.
- Plan managers and remaining employees are working diligently to expedite the distribution of assets from the liquidation.
- Customers holding funds in BlockFi Interest Accounts (BIA) and individual loans will receive emails prompting them to withdraw their funds based on approved recovery amounts.
This update signifies BlockFi's return to financial stability and the gradual process of making funds accessible to users once again.
