Bankrupt crypto lender BlockFi said on May 9 that it would shut down its web platform by the end of May and rely primarily on Coinbase as a distribution partner.
The change ensures that BlockFi Interest Account (BIA), Retail Loan, and Private Clients can continue to access withdrawals as part of the bankruptcy claims process.
Crypto-eligible customers will be able to access funds in kind if they have an open or approved Coinbase account. The condition applies to crypto-eligible customers who did not withdraw crypto from BlockFi’s web platform by April 28 or did not verify their identity by May 10.
Crypto-eligible customers who do not create a Coinbase account or cannot create one will instead receive funds in cash.
BlockFi emphasized that it has not partnered with any other crypto companies for distributions and warned users of scams from bad actors claiming otherwise.
BlockFi and Coinbase will contact users who are on file with instructions.
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