Blockfi expected to enable customer withdrawals by summer 2023
Blockfi expected to enable customer withdrawals by summer 2023
The insolvent loan platform Blockfi must carry out updates before customers enable withdrawal of crypto-assets on their wallet accounts that are not subject to potential preference claims.
In a statement sent by email to his customers, Blockfi said that it should complete all the necessary “work” to enable customer withdrawals by summer.
- The company announced that it will add a new product functionality to its platform before it enables withdrawals, but did not describe in detail what these functions will contain.
- according to the new Update in stacks, whereby the authorized user must be made an email preserved.
- The lender also recommended that the user set a third-party wallet for the process.
"Blockfi has to develop new product functions and make changes to the platform in order to be able to process these withdrawals. We assume that these work and the necessary tests will be completed this summer. At this point, we will be able to enable customers to withdraw digital assets that are stored on Blockfi wallet accounts and are not subject to potential preference claims."
- The development follows an arrangement of the Supreme Court of Bermuda of June 9, which enables the platform to reopen with Blockfi wallet accounts.
- Since then, the user interface has been updated to reproduce the transactions and accounting stands of the user to the date of suspension of the platform on November 10, 2022.
- Blockfi was one of several crypto creditors who went bankrupt during the market turbulence last year. It owes its creditors between $ 1 and $ 10 billion.
- Last month, the company asked a court to approve the sale of its loan division in order to generate funds to repay creditors after it had not received any value maximizing offers from potential buyers.
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