BlockFi Collaborates with Coinbase for Customer Fund Withdrawals

BlockFi Selects Coinbase as Exclusive Partner

BlockFi, a crypto lender in the process of closing its web platform, has chosen Coinbase to facilitate the withdrawal of customer funds. BlockFi customers need to meet the withdrawal request deadline by April 28, 2024, to ensure a smooth transition. Clients who delay or fail to verify their identities by May 10 will be able to withdraw their assets in kind through an approved Coinbase account or otherwise, face liquidation to cash.

Platform Shutdown and Data Preservation

The firm emphasizes the importance of vigilance against potential unauthorized scams amid its exclusive partnership with Coinbase. As the BlockFi platform will permanently close in May 2024, clients are encouraged to download necessary information such as transaction history and tax forms before the platform's shutdown, the exact date of which will be communicated in future weeks.

Recovery Efforts Post-Bankruptcy

The decision to shut down the platform follows BlockFi's bankruptcy filing after being impacted by the 3AC hedge fund collapse. Despite the challenges, BlockFi is actively working on recovering funds. Wallet account holders have started to see distributions, and further disbursements to interest account clients are anticipated with the recovery of FTX estate funds. Zac Prince, BlockFi founder, remains focused on maximizing client value recovery and has foregone his personal recovery rights for the benefit of the clients.