BlockFi Estate Plans to Return 100% of Eligible Claims

BlockFi is pleased to share that, based on the BlockFi Estate's recovery efforts, clients can now expect to receive 100% of your eligible claim from the BlockFi Estate. Earlier in July, the Plan Administrator successfully sold BlockFi's outstanding claims against FTX for an amount in excess of the face value of the claims. As a result, the BlockFi Estate will be distributing 100% of the dollarized petition date value on all allowed customer claims.(1)

While these recoveries cannot undo the impact of the platform pause, efficiently distributing 100% of the dollarized value of allowed claims to eligible clients in the near future is an extraordinarily positive outcome. BlockFi's Plan Administrator remarked:

"…these recoveries on customer claims, and the timeline those recoveries will be distributed on, were unimaginable when these cases were filed. These results,

achieved through tireless effort by the Oversight Board, the Joint Liquidators of BlockFi

International, the Plan Administrator's advisors, the remaining BlockFi team and other parties are remarkable."

What this means for you

The BlockFi Estate is working to make final distributions as quickly as possible while maintaining the safety of client assets.

US clients may be able to start receiving their final distributions over the next 90 days. If you are interested in receiving eligible distributions in crypto, and your allowed claim qualifies for crypto distribution, please make sure to set up your Coinbase account by August 23, 2024. More information regarding BlockFi Client Asset Distributions through Coinbase is available on our blog. Clients who do not have an eligible Coinbase account set up with matching information by August 23, 2024 will receive eligible distributions in cash.

At this time, international clients can expect to receive their funds on a longer timeline due to certain Bermuda regulatory requirements. These regulatory requirements may require further identity verification and "Know Your Customer" diligence for distributions that have not been made. The Plan Administrator and Joint Liquidators are working to perform any necessary diligence as quickly as possible. BlockFi International customers may be contacted to provide information or documents required for such diligence, and the Plan Administrator will file a notice describing the process when it is confirmed with the relevant authorities so that customers can verify incoming requests.

Setting Up A Coinbase Account

Please note: you do not need to click on any links to set up an account on Coinbase, and you do not need to provide information to any other third parties to receive crypto.

To receive your eligible distribution in crypto, make sure you complete the following steps by August 23, 2024 at 11:59PM UTC:

1. Navigate to Coinbase's website or download their app
2. Set up an account with matching:
   1. Email Address
   2. Date of Birth
   3. Last name

Funds will be automatically posted to matching accounts that Coinbase determines are in good standing to receive funds. Clients without matching accounts in good standing will receive cash. Please see our Client FAQs for more information.

1. For the avoidance of doubt: customers are anticipated to receive the maximum amount distributable upon allowed claims, in full and final satisfaction thereof. Holders of Convenience Claims, entitled to receive expedited distributions at an amount capped pursuant to the Plan, will not receive any additional distributions.

(1) For the avoidance of doubt: customers are anticipated to receive the maximum amount distributable upon allowed claims, in full and final satisfaction thereof. Holders of Convenience Claims, entitled to receive expedited distributions at an amount capped pursuant to the Plan, will not receive any additional distributions.

Public link

Please use the above public link if you want to share this noodl on another website.