BlockFi said it planned to disclose assets and liabilities, as well as a statement of certain payments the platform made to insiders and other parties, before filing for bankruptcy protection in November.
In the latest update, the struggling crypto lending company announced that it will file its balance sheet and financial statements with the court on January 11, 2023.
“BlockFi looks forward to continuing an open dialogue with the UCC, the U.S. trustee, and all stakeholders in the Chapter 11 case. Further information on the claims process and submission of proof of claims will be sent to clients in due course. Please note that there is currently no No deadline was set."
In a presentation to its stakeholders, BlockFi reportedly contacted 106 domestic and
Shortly after the first bankruptcy hearing in November, there were international potential buyers. It now plans to file a motion on Jan. 30 seeking approval for the bidding process. It also clarified that the management team did not withdraw any crypto assets from the platform after October 14, 2022, nor did any member withdraw more than 0.2 BTC worth of money at any time after August 17 of the same year.
Throughout 2022, BlockFi’s retail withdrawals will total $7.7 billion. Withdrawals from the management team account for 0.15% of this total. BlockFi says the team deploys their individual 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 several companies, including BlockFi. FTX did lend the company $400 million and was close to buying it in July, but the collapse of SBF’s cryptocurrency empire dragged BlockFi into bankruptcy.
Recently, BlockFi's lawyers informed the bankruptcy court that its executives paid back $15 million to an investor to settle a lawsuit against the lender's slumping stock price in mid-2022.
