BlockFi to Reveal Statement of Financial Affairs on January 11th

BlockFi stated it plans to reveal belongings and liabilities, in addition to statements of sure funds made by the platform to insiders and different events previous to its chapter submitting in November.

Within the newest update, the embattled crypto lending introduced it might file each its Schedules of Property and Liabilities and its Assertion of Monetary Affairs with the Courtroom on January 11, 2023.

“BlockFi seems to be ahead to persevering with its open dialogue with the UCC, U.S. Trustee, and all stakeholders in its chapter 11 instances. Extra data associated to the Claims Course of and the submitting of Proof of Claims will likely be despatched to shoppers on the acceptable time. Please notice that, at the moment, no deadlines have been set.”

• In a presentation submitting for its stakeholders, BlockFi reportedly reached out to 106 home and
  worldwide potential patrons shortly after its first chapter listening to in November. It now plans to file a movement in search of approval of bidding procedures on January thirtieth.
• It additionally clarified that the administration group didn’t withdraw any crypto-asset from the platform after October 14, 2022, nor any of its members made a withdrawal better than 0.2 BTC in worth at any time after August 17 of the identical yr.
• All through 2022, BlockFi’s retail withdrawals accounted for a complete of $7.7 billion. The administration group’s withdrawals symbolize 0.15% of that complete quantity.
• BlockFi stated the group deployed their private belongings on the platform to commerce, earn curiosity, and retailer completely different underneath the identical phrases of service as shoppers.
• 2022 has been brutal for a number of corporations, together with BlockFi. FTX did supply a $400 million mortgage to the corporate and was shut to buying it in July, however the spectacular collapse of SBF’s crypto empire dragged BlockFi out of business.
• Extra just lately, BlockFi’s attorneys notified the chapter court docket that its executives repaid an investor $15 million to settle a threatened lawsuit over the lender’s collapsing fairness worth in mid-2022.