BlockFi, a crypto lending platform, has closed its website and chosen Coinbase as its partner for customer fund withdrawals.
Coinbase as Exclusive Partner
Eligible BlockFi customers can withdraw their crypto through Coinbase after April 28, 2024. Those who missed the deadline or didn’t verify their identity by May 10, 2023, can still withdraw their assets in kind if they have a Coinbase account. Otherwise, their assets may be liquidated to cash.
BlockFi warns customers to be wary of scams and that Coinbase is their exclusive partner for crypto distributions.
Website Shutdown
BlockFi’s website will close permanently in May 2024. Customers will receive the exact date soon.
They are encouraged to download their transaction history and tax forms before the shutdown.
Bankruptcy and Recovery
BlockFi filed for bankruptcy after the collapse of Three Arrows Capital. They have been working to recover funds from FTX and other parties.
Distributions
Distributions have already been made to BlockFi wallet account holders. Interest account clients are expected to receive distributions once funds are recovered from FTX.
BlockFi’s founder, Zac Prince, is optimistic about the recovery process and has relinquished his personal crypto recovery rights to increase the pool for clients.
