BlockFi Begins Crypto Distributions Through Coinbase
BlockFi, the bankrupt crypto lending company, is finally starting to return funds to its customers. The company has reached a $940 million settlement with the estates of FTX and Alameda Research, allowing it to begin the process of restoring customer funds.
The first interim crypto distributions through Coinbase will begin in July 2024. These distributions will happen in batches over the next few months, with eligible clients being notified via email. BlockFi stated that non-US clients will not be able to receive their funds at this time due to regulatory reasons.
BlockFi has worked with Coinbase to allow eligible customers to withdraw their crypto funds. This includes those who held funds in the BlockFi Interest Account (BIA), Retail Loan, and Private Client accounts.
Don’t Get Scammed!
BlockFi has warned its customers about scams that may attempt to capitalize on the crypto distribution process. The company will only distribute funds through Coinbase. They urge users to be cautious and report any suspicious activity.
What’s Next?
The distributions through Coinbase will be ongoing for the next few months. This is a positive step towards restoring trust in the crypto industry. The recovery of funds is a long process, but this is a sign that some progress is being made.
