BlockFi users to get back $297M from Wallet accounts: Report By Cointelegraph
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A United States judge has granted permission to bankrupt crypto lender BlockFi to return $297 million to customers with deposits held in its Wallet program, Reuters reported on May 11.
The return of funds does not apply to users of BlockFi Interest Accounts (BIA). According to Bankruptcy Judge Michael Kaplan, funds in BIA accounts were used by BlockFi for its lending business and therefore are property of the bankruptcy estates. This means the funds will be later used to repay all creditors.
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A United States judge has granted permission to bankrupt crypto lender BlockFi to return $297 million to customers with deposits held in its Wallet program, Reuters reported on May 11.
The return of funds does not apply to users of BlockFi Interest Accounts (BIA). According to Bankruptcy Judge Michael Kaplan, funds in BIA accounts were used by BlockFi for its lending business and therefore are property of the bankruptcy estates. This means the funds will be later used to repay all creditors.
Continue Reading on Coin Telegraph
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