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 Important Update - BlockFi Wallet Accounts
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Important Update - BlockFi Wallet Accounts

Published, 20 December, 2022

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 Important Update - BlockFi Wallet Accounts
Yesterday, we took an important step toward our goal of returning assets to clients through our chapter 11 cases. It is our belief that clients unambiguously own the digital assets in their BlockFi Wallet Accounts. As such, we filed a motion requesting authority from the U.S. Bankruptcy Court to allow clients to withdraw digital assets that are held in their BlockFi Wallet Accounts. We will be seeking similar relief from the Supreme Court of Bermuda with respect to BlockFi Wallet Accounts held at BlockFi International Ltd. This motion does not impact withdrawals or transfers from BlockFi Interest Accounts, which remain paused at this time.
In order to facilitate withdrawals from BlockFi Wallet Accounts, we also requested permission to update the User Interface to properly reflect transactions as of the platform pause on November 10, 2022 at 8:15 p.m. (prevailing Eastern Time). As outlined in the Wallet Motion, balances displayed on the user interface may not properly reflect underlying balances at the time of the platform pause, as it took BlockFi a period of time following the platform pause to fully disable the transactional request functionality of BlockFi’s client-facing user interface.  Attempted transactions during this time period did not actually take place.
Updating the User Interface is a necessary step towards ensuring all clients are treated fairly and that the User Interface properly reflects the digital assets in Wallet Accounts as of the pause so BlockFi can honor all withdrawal requests from Wallet Accounts properly if authorized by the U.S. Bankruptcy Court and, with respect to BlockFi International Ltd., the Supreme Court of Bermuda.
While filing this motion is an initial step, we will continue to work towards solutions that maximize value for all clients and other stakeholders and will share updates as quickly as practicable.
We are looking forward to discussing this motion with the U.S. Bankruptcy Court and key parties in our cases, and expeditiously moving towards a path that returns Wallet Account assets to clients. We expect that our request will be heard by the U.S. Bankruptcy Court at our hearing currently scheduled for January 17, 2023, at 10:00am ET. We will be seeking similar relief from the Supreme Court of Bermuda with respect to BlockFi Wallet Accounts held at BlockFi International Ltd. in the coming weeks.
Additional information regarding our chapter 11 cases, including court documents and claim information, can be found by visiting BlockFi’s claims agent Kroll at https://restructuring.ra.kroll.com/blockfi. Clients with questions about the process may call Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email blockfiinfo@ra.kroll.com.

Last updated on January 6th, 2023

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As of February 14, 2022, the BlockFi Interest Account (BIA) is no longer available to new clients who are US persons or persons located in the US and existing US clients with BIA accounts are unable to transfer new assets to their BIAs. Learn More.
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Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.
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This icon serves as a link to download the eSSENTIAL Accessibility's free assistive technology app for individuals with physical disabilities.
Digital currency is not legal tender, is not backed by the government, and crypto accounts held with BlockFi are not subject to FDIC or SIPC protections. Digital currency values are not static and fluctuate due to market changes. Not all products and services are available in all geographic areas and are subject to applicable terms and conditions. Eligibility for particular products and services is subject to final determination by BlockFi. Rates for BlockFi products are subject to change.
BlockFi Rewards Credit Card: For more information, please see BlockFi’s Terms of Service. BlockFi is not a Bank. Cards are issued by Evolve Bank & Trust, Member FDIC, pursuant to a license from Visa® USA Inc. Rewards are not offered by Evolve Bank & Trust and are instead offered and managed by BlockFi.
BlockFi International Ltd. holds a Class F digital assets business license under the Digital Assets Business Act, 2018 (as amended) and is licensed by the Bermuda Monetary Authority to conduct the following digital assets business activities: (i) issuing, selling or redeeming virtual coins, tokens or any other form of digital assets (ii) operating as a digital asset exchange (iii) providing custodial wallet services (iv) operating as a digital asset derivative exchange provider and (v) operating as a digital assets services vendor.
See blockfi.com/terms for more information.
2022 © All Rights Reserved.