Coinbase to help remaining BlockFi customers withdraw their funds from bankrupt platform
BANKRUPT crypto lending platform BlockFi is to shut down all its services later this month after partnering with Coinbase to allow it to safely distribute client funds.
The company today said the move will enable remaining customers to withdraw their holdings.
BlockFi fell into bankruptcy in November 2022 after being severely hit by the collapse of the FTX exchange.
Its CEO - Zac Prince - testified on behalf of the US government at the trial of FTX founder and CEO Sam Bankman-Fried, where he claimed the actions of the now jailed entrepreneur were the main cause of having to file for BlockFi's bankruptcy.
BlockFi was forced to suspend operations last year, but vowed to return all customer investments, with the majority instructed to withdraw before April 28 2024. Many holders, though, were left unable to do so.
However, BlockFi today announced any remaining customers with funds outstanding would be sent instructions on how to recover funds through a Coinbase account.
