BlockFi Requests Permission To Return Frozen Crypto To Their Legitimate Owners

US digital asset lender and trader – BlockFi has expressed its determination to return frozen crypto to its legitimate owners. However, it will need permission from the US court for bankruptcy-related matters.

BlockFi has requested permission from this court and expects a positive response. Meanwhile, BlockFi is optimistic about a positive response from the court, sharing on its Twitter handle that users’ crypto funds will be released to them in a short while.

The Crypto lending platform filed for bankruptcy in November 2022 and filed the motion to release frozen crypto assets in New Jersey on the 19th of December 2022. The digital asset giant requested that the court honour the right of wallet users to enjoy their funds, which have been frozen since the 10th of November, 2022.

BlockFi has reportedly sent an Email to every user. In the email, BlockFi referred to the step they have taken as a crucial step designed to help crypto holders access their crypto wallets.

Users Deserve Access To Their Crypto Funds – BlockFi

BlockFi said that it believes users are the legitimate owners of the funds in their wallets and must be allowed access. BlockFi has always intensified its effort to ensure that it remains transparent in its dealings with its customers.

Therefore, the lending platform clarified that its request from the US Court of Bankruptcy would not affect both withdrawals and sending of funds from suspended interest accounts. BlockFi further said if the court approves its request, the privilege will not be extended to owners of interest accounts.

The digital asset firm also revealed its plan to seek similar permission from the apex court in Bermuda. This time, it will seek to unfreeze users’ wallets in the custody of BlockFi International Limited.

BlockFi International Limited remains under the control of BlockFi, with roots in Bermuda. This subsidiary is in charge of BlockFi activities with no connections with the United States.

Crypto enthusiast and digital asset blogger Tiffany Fong revealed the email she received from BlockFi on the 19th of December to her Twitter followers. In her tweet, she stated that BlockFi was decisive and quick in its decision to help wallet owners regain access to their funds.

She said that BlockFi had acted quicker than Celsius Network in this regard. According to her, BlockFi has shown more consideration than Celsius in caring for users’ interests by requesting permission to give users access to their wallets in a few days.

Related Posts