BlockFi has gained $250 in USDC through Coinbase Prime. The on-chain holdings of Block Fi now stand up to $300M. This raises the question if BlockFi will start repaying the creditors.
Earlier in July, BlockFi had announced that it plans to return 100 percent of claims of the distressed clients. US-based creditors will be the initial ones to get the payback. While the international creditors will have to wait longer as per Bermuda’s regulatory requirements.
BLOCKFI RECEIVED $250M – REPAYMENTS SOON?
BlockFi received $250M in USDC from Coinbase Prime, bringing their on-chain holdings up to $300M.
Will creditor repayments be starting soon? pic.twitter.com/qabVMqBAqw
— Arkham (@ArkhamIntel) September 23, 2024
The collapsed crypto lending platform will base the claims on the bankruptcy details rather than the current market value.
Source: https://www.cryptopolitan.com/is-blockfi-repaying-creditors-soon-receives-250m-from-coinbase/