BlockFi says customer withdrawals could start this summer

Quick Take

  • BlockFi said Monday that work to allow customer withdrawals should be finished this summer.

Crypto lending firm BlockFi, which was forced to suspend withdrawals last year in the wake of the collapse of the FTX exchange, said that it expected to finish work and necessary testing to allow for some customers to start getting their money back this summer.

"At that time, we will be in a position to begin allowing clients to withdraw digital assets held in BlockFi Wallet accounts that are not subject to potential preference claims," the company said in an email to clients on Monday.

BlockFi said that any withdrawals must be done in batches, and that those who are eligible will receive an email from the firm. In the mean time, the company recommends users set up third-party wallets to withdraw funds.

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BlockFi has been struggling to allow customer returns ever since it paused customer withdrawals on Nov. 13 and subsequently filed for Chapter 11 bankruptcy protection two weeks later. 

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About Author

MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.


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