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| Name | Bankrupt Crypto Lender BlockFi to Initiate Temporary Distribution |
| Video Uploader | Video From Crypto World Daily |
| Upload Date | This Video Uploaded At 18-07-2024 09:25:39 |
| Video Discription | Ruholamin Haqshanas Last updated: July 18, 2024 at 09:58 GMT+3 | 2 min read Bankrupt crypto lending platform BlockFi is set to commence its first temporary distribution of crypto assets through Coinbase starting in July. In a recent post on X, the firm said eligible account holders can expect to receive email notifications regarding the distribution, which will take place in batches over the coming months. However, it is important to note that non-US customers will not receive any funds due to regulatory constraints. BlockFi Taps Coinbase for Distribution. In May, BlockFi announced a partnership with Coinbase to ensure the continuity of crypto withdrawals for eligible BlockFi Interest Account (BIA), Retail Loan, and Private Clients. As the initial window for requesting a withdrawal of estate funds using BlockFi has closed, the platform is now working with Coinbase to facilitate the next steps. BlockFi will provide clients with further details via email, including instructions on how to create a Coinbase account. For those who missed the withdrawal deadline of April 28 or failed to complete identity verification by May 10, there is still an opportunity to receive funds. These assets will be made available in kind if the individual has an open and approved Coinbase account. However, if an approved Coinbase account is not created, the assets may be converted to cash and distributed accordingly, as outlined in the plan. To facilitate future distributions, including those based on funds recovered from FTX, the Plan Administrator will utilize Coinbase as the platform of choice. Without this partnership, the Administrator would only be able to distribute cash in subsequent rounds. Clients who are unable to open a Coinbase account will receive their distributions in cash. BlockFi became the first company to file for bankruptcy in the aftermath of the collapse of FTX. The crypto lender has more than 100,000 creditors and owes between $1 billion and $10 billion to those creditors. BlockFi Warns Against Scam Attempts. The firm also cautioned its clients to remain vigilant against scam attempts from third-party actors falsely claiming to offer crypto distributions. The crypto lender added that it will not be partnering with any other providers for crypto distributions. The warning came as crypto... https://cryptonews.com/news/blockfi-to-initiate-temporary-distribution-via-coinbase-in-july.htm #crypto #bitcoin #ethereum #cryptocurrency #news #blockchain #litecoin #cryptonews #cryptonewstoday #cryptoworld #cryptoworlddaily #blockfi #blockfinews #blockfinewstoday #coinbase #coinbasenews #coinbasenewstoday #lending #lendingnews #news ***NOT FINANCIAL, LEGAL, OR TAX ADVICE! JUST OPINION! I AM NOT AN EXPERT! I DO NOT GUARANTEE A PARTICULAR OUTCOME I HAVE NO INSIDE KNOWLEDGE! YOU NEED TO DO YOUR OWN RESEARCH AND MAKE YOUR OWN DECISIONS! THIS IS JUST ENTERTAINMENT! This information is what was found publicly on the internet. This information couldโve been doctored or misrepresented by the internet. All information is meant for public awareness and is public domain. This information is not intended to slander harm or defame any of the actors involved but to show what was said through their social media accounts. Please take this information and do your own research. bitcoin, blockchain, crypto, cryptocurrency, altcoin, investment, ethereum, bitcoin crash, xrp, cardano, ripple |
| Category | News & Politics |
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