Bankrupt Crypto Lender BlockFi Initiates First Round of Customer Reimbursements

• BlockFi to start interim crypto distributions via Coinbase in July 2024.
• Non-US clients are currently ineligible for distributions due to regulatory constraints.
• Future distributions will be managed through Coinbase.

Bankrupt cryptocurrency lender BlockFi is set to begin returning funds to its customers this month, utilizing Coinbase as the distribution platform.

This long-awaited development comes after BlockFi’s operations were suspended in May following the collapse of FTX, leading to a bankruptcy filing and a subsequent partnership with Coinbase to facilitate the return of customer assets.

With the funds request window now closed, BlockFi is collaborating with Coinbase to manage the next steps. The exchange stated:

“As described in our previously announced Coinbase distribution partnership blog post, BlockFi will commence first interim crypto distributions through Coinbase in July 2024,”

According to BlockFi, the funds will be disbursed in batches over the coming months. Eligible customers will receive notification via the email address associated with their Block…

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