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BlockFi partners with Coinbase for fund distribution amid shutdown

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Struggling BlockFi will wind down operations by May 2024 and has partnered with Coinbase for client fund withdrawals. The company, facing bankruptcy since FTX’s collapse, settled with FTX and Alameda Research for $875 million.

Struggling crypto lender BlockFi is winding down operations and has revealed its intention to shut down its web platform by May 2024. To assist clients with fund withdrawals, BlockFi will partner with Coinbase, a major cryptocurrency exchange, for fund distribution.that its collaboration with Coinbase will enable eligible BlockFi Interest Accounts , Retail Loans, and Private Clients to withdraw their cryptocurrency holdings.

The plan administrator will continue to use Coinbase for upcoming distribution rounds, potentially involving recovered funds from FTX. Without this capability, cash would be the only option for subsequent distributions. BlockFi stated that it does not intend to partner with any other providers for cryptocurrency distributions. Therefore, investors are advised to stay cautious to avoid potential scams from third-party entities.BlockFi has faced fraudulent activity in the past, with individuals receiving deceptive emails that mimicked legitimate communications, falsely claiming immediate withdrawals of their remaining balances.with the estates of FTX and Alameda Research.

BlockFi’s CEO Zac Prince, who testified as a government witness in Bankman-Fried’s criminal trial, asserts that the actions of the FTX founderIn September 2023, the bankruptcy court approved BlockFi’s Chapter 11 plan to repay its 10,000 creditors. Estimates show BlockFito over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.

 

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