BlockFi is a digital asset management firm that provides lending and borrowing services, financial products and wealth management services to individuals and institutional clients globally. The compan...

BlockFi, the bankrupt crypto lender, was ordered by a US bankruptcy court to withdraw its Chapter 11 reorganization plan and disclosure statement after it was prematurely disclosed. The court demanded the documents to be approved before being released, causing BlockFi to issue a public letter stating its earlier statement was not sanctioned.

Cryptocurrency lender BlockFi is planning to liquidate its crypto lending platform and distribute the funds to its creditors, as per a bankruptcy court filing. The firm is trying to pay back its clients and creditors' amount and stated that liquidation will work better than selling its business. Meanwhile, the company's ability to recover funds heavily relies on its claims against major commercial counterparts FTX and Alameda, claimed recent court filings.

BlockFi won the legal battle against its customers as a New Jersey judge ruled that assets sitting in the custodial wallets should be returned to the clients instead of being a part of the bankrupt crypto lender's estate. As a result, BlockFi custody wallet users have been authorized to receive around $300 million as a refund.

Crypto lender BlockFi has been granted more time to file its bankruptcy reorganization plan by a bankruptcy judge in New Jersey. The firm, which went bankrupt five months ago, is exploring options to sell its assets.

Bhutan's sovereign investment arm, Druk Holding & Investments, has reportedly invested millions in cryptocurrencies such as Bitcoin and Ethereum through BlockFi and Celsius accounts, which had previously been kept secret but recently were made public. Despite bankruptcy of the lenders, Druk Holding & Investments' investments in cryptocurrencies seem secure.

Senators Warren and Ocasio-Cortez are questioning the relationship between Silicon Valley Bank and its largest depositors, including Circle and bankrupt BlockFi. The lawmakers accuse the bank of showing favoritism to these depositors and seek more information about their affiliation with SVB.

BlockFi to refund over $100,000 to California-based customers who continued to repay loans despite the company's trading suspension, pending court approval. The affected clients will be serviced with their loans, and the hearing is scheduled for April 19, 2023.

$227 million in uninsured funds owned by BlockFi, a crypto lender that recently filed for bankruptcy, is trapped in an account held by defunct lender Silicon Valley Bank.

BlockFi states that Emergent Fidelity does not qualify for a bankruptcy filing because it has no assets or possessions other than the 56 million Robinhood shares. This means that Emergent Fidelity has limited options for resolving its financial troubles, and bankruptcy is not an option.

The court has allowed BlockFi, a bankrupt cryptocurrency lender, to auction off its cryptocurrency mining equipment. This is part of their efforts to repay their debtors. BlockFi wants to make the most out of this opportunity by submitting their bids as soon as possible to benefit from the current market situation.

BlockFi Overview

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We provide the wealth management products crypto investors need, all powered by blockchain technology. Currently, we service clients worldwide and in all U.S. states, with USD loans backed by crypto, interest earning accounts, and trading.

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Company Legal Name: BlockFi Trading LLC

Year Founded: 2017

HQ Location: 201 Montgomery St #263, Jersey City, NJ 07302, USA

HQ Timezone: America/New_York

Alexa US Rank: 8,081

Alexa Global Rank: 19,959

Total Employees: 150

Total $ Raised: 1,300,000,000

Estimated Annual Revenue: $10M-$50M