BlockFi is a crypto lending company. On June 12, it announces the completion of the necessary work to allow customers to withdraw their cryptocurrencies this summer. These withdrawals have been suspended since November 13 of last year. For holders of locked-in assets, this new step represents a beacon of hope.
BlockFi Suspends Withdrawals November 13, 2022
After the collapse of FTX, BlockFi ended up bankrupt. Result: on November 13, it suspended all customer withdrawals. In other words, a large number of people could no longer access their digital assets.
That’s not all ! Two weeks after this suspension, BlockFi filed filing for bankruptcy protection of chapter 11. The news was quickly relayed on social networks, including on Twitter. This has only increased the uncertainty as to the possibility of recovering the blocked funds.
Resumption of withdrawals this summer?
In an email sent to one of its customers on June 11, BlockFi reveals that it is close to completing the necessary work and testing to allow its customers to recover their crypto this summer. “Withdrawals relate to digital assets held in BlockFi Wallet accounts that are not subject to potential preference claims”, we explained. It means that those who meet these criteria will finally be able to access assets that have been blocked for 8 months now.
BlockFi also clarifies that withdrawals will have to be made in batches. Also, only eligible customers will receive an email from the company allowing them to make the withdrawal. In the meantime, the crypto lender strongly recommends users to set up third-party wallets so that they can withdraw their funds as soon as possible.
BlockFi’s news was met with great relief by holders of locked-in assets. This decision indeed offers a positive outlook for those who have been waiting for a long time to get their cryptos back.
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