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BlockFi's Creditor Repayments Start this Month

Distributions via Coinbase will begin in July for eligible U.S. clients.
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Jul 18, 2024 • 1 min read

Defunct crypto lender BlockFi will start crypto distributions via Coinbase this month after its bankruptcy in November 2022.

What's the scoop?

  • Initial Distributions: Distributions via Coinbase will begin in July for eligible U.S. clients and will continue for one year.
  • Regulatory Exclusions: Non-U.S. clients are excluded from receiving funds due to regulatory requirements.
  • Fiat Claims Processing: Fiat claims for BlockFi clients are processed by Kroll and Digital Disbursements, not Coinbase.

Bankless Take:

The redistributions just keep coming. While this may add more sell pressure to the market on top of Mt. Gox’s redistributions, the lengthy return period could lessen this blow, giving the bull market more time to rally. If it does rally, the redistributions could be hodled instead of sold by those who receive their assets. This only applies to U.S. clients, though, leaving a significant portion of BlockFi's user base waiting for now.

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Published in Bankless

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