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BlockFi to Reveal Statement of Financial Affairs on January 11th

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 prior to its bankruptcy filing in November.

In the latest update, the embattled crypto lending announced it would file both its Schedules of Assets and Liabilities and its Statement of Financial Affairs with the Court on January 11, 2023.

“BlockFi looks forward to continuing its open dialogue with the UCC, U.S. Trustee, and all stakeholders in its chapter 11 cases. More information related to the Claims Process and the filing of Proof of Claims will be sent to clients at the appropriate time. Please note that, at this time, no deadlines have been set.”

  • In a presentation filing for its stakeholders, BlockFi reportedly reached out to 106 domestic and
    international potential buyers shortly after its first bankruptcy hearing in November. It now plans to file a motion seeking approval of bidding procedures on January 30th.
  • It also clarified that the management team did not withdraw any crypto-asset from the platform after October 14, 2022, nor any of its members made a withdrawal greater than 0.2 BTC in value at any time after August 17 of the same year.
  • Throughout 2022, BlockFi’s retail withdrawals accounted for a total of $7.7 billion. The management team’s withdrawals 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 under the same terms of service as clients.
  • 2022 has been brutal for several companies, including BlockFi. FTX did offer a $400 million loan to the company and was close to purchasing it in July, but the spectacular collapse of SBF’s crypto empire dragged BlockFi into bankruptcy.
  • More recently, BlockFi’s attorneys notified the bankruptcy court that its executives repaid an investor $15 million to settle a threatened lawsuit over the lender’s collapsing equity value in mid-2022.
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