Will BlockFi enable customer withdrawals?

Bankrupt lending platform BlockFi needs to conduct updates before enabling customer withdrawals of crypto assets held in its wallet accounts that are not subject to potential preference claims. In an emailed statement to its clients, BlockFi said it should conclude all the necessary “work” to enable customer withdrawals by this summer.

Can I withdraw digital assets from BlockFi wallet?

BlockFi stated: At that time, we will be in a position to begin allowing clients to withdraw digital assets held in BlockFi Wallet accounts that are not subject to potential preference claims. The lending firm has notably alerted that withdrawals must be made in batches, and only eligible clients will receive an email from the platform.

What is a BlockFi wallet?

Instead, these particular Wallets are pooled custodial accounts that allow BlockFi Trading or BlockFi International, as applicable, to store digital assets on behalf of, or “for the benefit of,” their clients without BlockFi Trading or BlockFi International ever assuming legal ownership of such accounts,” Samole adds.

Will BlockFi restructure?

BlockFi intends to submit this to the court. The crypto lender says it's requesting approval from the Court to restore withdrawal activities for those with BlockFi Wallet accounts. It currently has $256.9 million in cash, and the company believes this will be enough liquidity to handle certain operations as it restructures.