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The insolvent bitcoin lender BlockFi submitted a petition to the US Bankruptcy Court. They want to enable customers to withdraw the digital assets stored in their BlockFi Wallet Accounts, according to their statement. However, withdrawals from the interest accounts that are now being suspended are unaffected by this request.
BlockFi Files a Bankruptcy Petition to Allow Clients to Withdraw Frozen Assets, Image by Yahoo Finance
BlockFi has stopped all withdrawals from the Accounts Wallet as of November 10. However, they are actively attempting to fix the problem. On December 19, the lender submitted a petition to the New Jersey Bankruptcy Court asking for permission to recognize customer withdrawals.
The court documents also request permission to change the user interface. They need it to accurately reflect the transactions that took place during the halt. Additionally, BlockFi stated in an email to consumers that they think their customers have complete control over the digital assets in their wallets. It continued by stating that getting consent is a crucial step in making sure all clients are treated fairly.
BlockFi now expects that the hearings scheduled for January 9 will most definitely review its request. On November 10, they first stopped making withdrawals, and on November 28, they declared bankruptcy. But right now, it appears that BlockFi is going to tremendous measures to protect user money and its promises. Users should soon be able to retrieve their digital assets without having to wait for the full reorganization process.
Final Thoughts
Companies that were impacted by FTX are now making attempts to leave their position as the initial chaos from FTX passes. Naturally, a lot of businesses are still insolvent, and a lot of the impacted users are still losing money. There is no assurance that everyone will have a successful outcome with their money returned. It is important to remember that at least some businesses are giving it their all.
The insolvent bitcoin lender BlockFi submitted a petition to the US Bankruptcy Court. They want to enable customers to withdraw the digital assets stored in their BlockFi Wallet Accounts, according to their statement. However, withdrawals from the interest accounts that are now being suspended are unaffected by this request.
BlockFi Files a Bankruptcy Petition to Allow Clients to Withdraw Frozen Assets, Image by Yahoo Finance
BlockFi has stopped all withdrawals from the Accounts Wallet as of November 10. However, they are actively attempting to fix the problem. On December 19, the lender submitted a petition to the New Jersey Bankruptcy Court asking for permission to recognize customer withdrawals.
The court documents also request permission to change the user interface. They need it to accurately reflect the transactions that took place during the halt. Additionally, BlockFi stated in an email to consumers that they think their customers have complete control over the digital assets in their wallets. It continued by stating that getting consent is a crucial step in making sure all clients are treated fairly.
BlockFi now expects that the hearings scheduled for January 9 will most definitely review its request. On November 10, they first stopped making withdrawals, and on November 28, they declared bankruptcy. But right now, it appears that BlockFi is going to tremendous measures to protect user money and its promises. Users should soon be able to retrieve their digital assets without having to wait for the full reorganization process.
Final Thoughts
Companies that were impacted by FTX are now making attempts to leave their position as the initial chaos from FTX passes. Naturally, a lot of businesses are still insolvent, and a lot of the impacted users are still losing money. There is no assurance that everyone will have a successful outcome with their money returned. It is important to remember that at least some businesses are giving it their all.
