BlockFi Looks To Resume Withdrawals

BlockFi Trying To Resume Withdrawals For Certain Users

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Bankrupt crypto lender BlockFi is looking to resume payments to users whose crypto is locked in their wallet accounts.

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On December 19, BlockFi filed a motion with the US Bankruptcy Court in the District of New Jersey and the hearing is scheduled to be on January 9 at 10 a.m. ET.

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This is to authorize the debtor to redeem the withdrawal of the wallet account, update the user interface to reflect the transaction and perform regular account reconciliation.

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BlockFi mentioned in its filing that its Wallet Terms of Service are clear.

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Another hearing will be held on January 13th for BlockFi International Ltd.

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As reported by a Twitter user, BlockFi customers were also contacted about the company's intention to resume withdrawals for wallet users.

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BlockFi suspended withdrawals as concerns over FTX debacle and on November 28, the lender filed for Chapter 11 bankruptcy protection.

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