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Client Update - First Day Hearing
Published, 29 November, 2022
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Earlier today, BlockFi’s First Day Chapter 11 Hearing was held. The important dialogue with the Court today will set the foundation for our Chapter 11 Cases, as we strive to maximize value for all of our stakeholders. We look forward to engaging with the Official Committee of Unsecured Creditors (“UCC”), which we expect will be made up primarily of clients, when it is formed over the next few weeks. It is our intention to move forward expeditiously, as we filed an initial plan of reorganization with the Bankruptcy Court, which we look forward to discussing with the UCC.
Throughout the hearing, we reiterated our singular focus: maximizing value for all clients and other stakeholders. We also shared important context about BlockFi, our clients, our values, and our path forward. We were grateful to the Court for offering us the time to lay the foundation and communicate information transparently. All motions we put forward were approved by the Court.
Notably:
- The Court agreed to, on an interim basis, allow us to redact the names, addresses and contact information of individuals and clients from the list of our fifty largest creditors, which we will submit to the Court. Client privacy is a top priority during our cases, and we intend to continue to take action towards protecting client information throughout this process.
- The Court also approved multiple motions that will enable BlockFi to continue core operations during this process, including granting us the authority to pay our critical vendors and employee wages.
As part of our presentation in Court, we also expressed our intention to request approval from the Court to restore withdrawal activities for BlockFi Wallet accounts.
Information regarding cases, including court documents and claim information on an ongoing basis, can be found by visiting BlockFi’s claims agent Kroll athttps://restructuring.ra.kroll.com/blockfi.
Our next hearing is currently scheduled for January 9, 2023 at 10:00 a.m. EST.
BlockFi
Last updated on November 29th, 2022
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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.
BlockFi Lending LLC NMLS ID#1737520 | NMLS Consumer Access
BlockFi Trading LLC NMLS ID#1873137 | NMLS Consumer Access
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.