BlockFi said it plans to disclose assets and liabilities, as well as statements of certain payments made by the platform, to insiders and other parties before its bankruptcy filing in November.
in the last to updateThe embattled crypto loan announced that it would file its Asset and Liability Schedules and Statement of Financial Affairs with the Court on January 11, 2023.
“BlockFi looks forward to continuing its open dialogue with the UCC, the US Trustee, and all interested parties in their Chapter 11 cases. More information regarding the Claims Process and filing Proofs of Claims will be sent to customers. claims at the appropriate time. Please note that, at this time, no deadlines have been set.”
In a presentation to its stakeholders, BlockFi reportedly contacted 106 national and international companies.
potential international buyers shortly after his first bankruptcy hearing in November. It now plans to file a motion seeking approval of the bidding procedures on January 30. It also clarified that the management team did not withdraw any crypto assets from the platform after October 14, 2022, nor did any of its members make a withdrawal greater than 0.2 BTC in value at any time after August 17 of the same year. Through 2022, BlockFi’s retail withdrawals accounted for a total of $7.7 billion. The withdrawals of the management team represent 0.15% of that total volume. BlockFi said the team deployed their personal assets on the platform to trade, earn interest and store different assets under the same terms of service as clients. 2022 has been brutal for a number of companies, including BlockFi. FTX offered the company a $400 million loan and came close to buying it in July, but the spectacular collapse of the SBF crypto empire forced BlockFi into bankruptcy. Most recently, BlockFi’s lawyers notified the bankruptcy court that its executives reimbursed an investor $15 million to settle a threatened lawsuit over the lender’s stock value collapsing in mid-2022.
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This post BlockFi to Reveal Financial Affairs Statement on January 11
was published first on https://cryptopotato.com/blockfi-to-reveal-statement-of-financial-affairs-on-january-11th/