Client FAQs – BlockFi Client Asset Distributions through Coinbase

General

• I was not able to complete the withdrawal of my crypto distributions through BlockFi before the April 28, 2024 at 11:59 PM UTC deadline and complete Identity Verification by May 10, 2024 at 11:59 PM UTC.
  Will I still be able to receive distributions through Coinbase?
  
  Yes. You will receive instructions on steps you need to take that ensures your eligible crypto withdrawal is available through Coinbase.
  
• Who will be able to receive distributions through Coinbase?
  
  Clients that fall under the following criteria will be able to receive distributions through Coinbase.
  • Crypto-eligible clients who did not receive their first interim distribution prior to the shutdown of BlockFi's systems.
  • Clients who are eligible to receive additional crypto distributions, based on further recoveries from the FTX estate.

• Non-US Clients are unable to receive funds at this time due to the regulatory requirements applicable to them.
  
  The Plan Administrator has been working tirelessly with the Joint Liquidators of BlockFi International to implement a distribution process for non-US Clients that complies with Bermuda regulation. Until all relevant stakeholders confirm that those requirements have been met, no further funds are approved for distribution to non-US Clients.

• When will my unwithdrawn initial estate distribution be accessible for withdrawal through Coinbase?
  
  In the next few months, you'll receive an email from BlockFi letting you know the Coinbase distributions are in progress. If you have successfully created an account with Coinbase, have successfully completed KYC requirements, and your account details matches the account information you have on BlockFi (First Name, Last Name, Email Address, Date of Birth), you will receive an email letting you know your funds have been made available on Coinbase.
  
  If you have not successfully created or matched your accounts, you will receive an email letting you know that we are unable to complete your distribution along with a timeline to ensure the accounts match.
  
• Should I expect to receive additional distributions through Coinbase if I have already received crypto distributions through BlockFi?
  
  You may be notified of your eligibility to withdraw any additional estate withdrawals as further recoveries from FTX become available for distribution.BlockFi expects to receive further recoveries from FTX in cash.
  
  The required crypto for distribution will be purchased at market prices at that time.
  
  If you are eligible for additional distributions and you have not created an approved Coinbase account, you will receive your distribution in cash.

• What assets are available for distributions through Coinbase?
  
  BTC, ETH, USDC

• Will both crypto and cash distributions be facilitated through Coinbase?
  
  Only crypto distributions are facilitated through Coinbase. Eligible cash distributions will continue to be handled by Kroll and their distribution partner, Digital Disbursements.

Coinbase Account Creation

• Do I need to create a Coinbase account?
  
  If you're part of the crypto-eligible client population, you will receive communication directly from BlockFi with instructions to create a Coinbase account. If you already have an account, please ensure your First Name, Last Name, Email Address, and Date of Birth match what BlockFi has on file. Please also confirm you have successfully completed KYC requirements. This can be done by logging into your Coinbase account and following any prompts within the application.
  
• What steps do I need to take to ensure I create an approved Coinbase account that enables me to access my BlockFi funds on Coinbase?
  
  To access your funds on Coinbase, please create an account directly on the Coinbase platform. The following identifying information must match identically on both your Coinbase account and your BlockFi account:
  First Name, Last Name, Email Address, Date of Birth

• What if I already have an existing Coinbase account?
  
  If you already have an account, please ensure your Last Name, Email Address, and Date of Birth match what BlockFi has on file. Please also confirm you have successfully completed KYC requirements. This can be done by logging into your Coinbase account and following any prompts within the application.

• What if I decide not to create a Coinbase account or cannot create a Coinbase account?
  
  Crypto-eligible clients who did not make their withdrawal by April 28, 2024 at 11:59 PM UTC from BlockFi's platform and did not complete Identity Verification by May 10, 2024 at 11:59 PM UTC, and do not create an approved Coinbase account, will receive their distribution in cash.
  
  If you are eligible for additional distributions and you have not created an approved Coinbase account, you will receive your distributions in cash.

• Is there a deadline to create a new Coinbase account, or remediate an existing Coinbase account, in order to receive distributions?
  
  BlockFi and Coinbase have agreed to a 1 year distribution window. That timeframe begins after the first asset distribution to creditors.
  
• Is there a deadline to update my account information on the BlockFi platform (First & Last Name, Email Address, Date of Birth, or Address)?
  
  After the BlockFi web application shutdown, you will not be able to update your profile information (First Name, Last Name, Email Address, Date of Birth) that BlockFi has on file.
  
  If you would like to update your address, you will need to contact our claims agent, Kroll. You may email Kroll at [email protected], including your old and new address, and the full name linked to your account. Please use the email address associated with your BlockFi Account while making the request. The updated address will be added to the list maintained by Kroll for all communications concerning the BlockFi bankruptcy cases.
  
  If you have a Beneficiary Distribution Request for a decedent's BlockFi account, you may email Kroll at [email protected] who will provide instructions to obtain necessary documentation that's required to approve your beneficiary request.

• Are there any additional identity verifications that I will need to complete through Coinbase to receive my distributions?
  
  Depending on your jurisdiction, Coinbase may ask for additional documentation or facial verification. Once you're logged on to your Coinbase account, you will be prompted to provide any additional documentation or verification requirements.

• I have been notified that I'm eligible to withdraw BlockFi estate distributions through Coinbase. Why am I not able to see eligible withdrawal amounts on my Coinbase account?
  
  Creditors who have not created a Coinbase account with matching requirements (First Name, Last Name, Email Address, Date of Birth) will not have assets distributed. Only when an account is successfully created and successfully completed KYC requirements, will assets be distributed.
  
  If your Coinbase account does not meet requirements in order to distribute assets, you will be notified via email.

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