Blockfi will distribute the first crypto refunds in this month

BlockFi, which was adversely affected by the crypto crises in 2022 and almost went bankrupt twice, will start payments to its victimised customers this month. In the first stage, payments of up to $875 million will be made only to US citizens.

Blockfi will distribute the first crypto refunds in this month

In the summer of 2022, the BlockFi company, which first approached bankruptcy with the Terra LUNA crisis, but then went bankrupt again with the collapse of this stock exchange while waiting to recover with the support provided by FTX, also starts payments like Mt. Gox.

It will be done step by step

The crypto loan company will start making payments to its victimised US customers through the Coinbase exchange. Payments, which will be spread over the coming months and will be made gradually, will also reduce the selling pressure on the market. Due to regulatory rules, payments cannot be made to non-US citizens “for now”.

Coinbase will only distribute crypto…

In May, BlockFi signed a 1-year agreement with Coinbase for payments. Beneficiary creditors will be able to see their cryptocurrencies in their Coinbase accounts, which have been KYC-verified in the same way (in crypto). Cash payments will not be made by the Coinbase exchange. Fiat money payments will be made through Kroll and its payment partner Digital Disbursements.

More than 100,000 creditors

The company is currently making payments to more than 10,000 creditors. However, the number of customers to be paid globally exceeds 100 thousand. The payments include assets worth $ 875 million from FTX and Alameda. In fact, most of the current payment amount is already made up of assets obtained through FTX-Alameda.
The total figure may reach $ 10 billion according to the lawsuits filed and their results.

The great crypto crisis in 2022…

As it will be remembered, FTX, the major stock exchange of the period, opened a credit channel of approximately $ 400 million for BlockFi, which entered a serious crisis in the summer of 2022 with the Terra LUNA crisis. However, the fact that FTX entered the crisis months later and eventually went bankrupt completely closed BlockFi’s access to this channel, and eventually BlockFi went bankrupt twice.
At that time, especially after the Terra LUNA collapse, crypto loan companies such as Celsius, Voyager and Genesis, like BlockFi, all went bankrupt.

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