BlockFi files motion to restore frozen crypto to wallet users

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BlockFi files motion to restore frozen crypto to wallet users

BlockFi, a company that has filed for bankruptcy protection, is requesting the approval of the court to permit its customers to withdraw digital assets from accounts that are not ‘BlockFi Interest Accounts.’ These accounts are designed to compensate investors for lending their cryptocurrency back to the company. BlockFi is asking the court for permission to do this.

On December 19, BlockFi submitted a petition to the United States Bankruptcy Court in the District of New Jersey, requesting authorization to provide its customers access to the assets that had been stored in their wallets since November 10, when the company halted withdrawals.

At this time, access to the BlockFi Interest Accounts will continue to be denied. As a result, the motion will not have any impact on the ability to make withdrawals or transfers from such accounts.

Additionally, the cryptocurrency lending platform is looking for “equivalent relief from the Supreme Court of Bermuda with regard to BlockFi Wallet Accounts maintained at BlockFi International Ltd.”

The company made this statement in a blog post that was highlighted on BlockFi: “While filing this action is a starting step, we will continue to work towards solutions that optimize value for both customers and other stakeholders and will communicate developments as rapidly as is practically possible.”

In addition, authorization is requested in the court proceedings to update the user interface so that it appropriately reflects transactions that have occurred after the platform was paused.

This is a move that the firm is very interested in addressing with the United States Bankruptcy Court and the other essential parties involved with it. It hopes to make rapid progress on a solution that will enable it to return customers’ assets from Wallet Accounts.

The hearing on the motion will take place on January 9 at 10 am Eastern Time in the United States Bankruptcy Court. They also anticipate the same outcomes for BlockFi International Ltd’s court case in Bermuda, which is presently planned for January 13, at 10:30am AST. Following the preliminary hearing, a full hearing is expected to take place on a date that has not yet been determined.

Compiled by Coinbold

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