Less than half of the non-US customers of cryptocurrency lending firm Blockfi’s cryptocurrency lending firm have advanced to claim their property with a May 15 deadline, a lender said at a blogpost on Wednesday.
Blockfi filed for losses in November 2022 in the wake of the fall of the FTX spreading to the crypto industry. The firm later appeared from losses and announced a plan in July of 2024 To distribute 100% of the dollar value of customers’ claims at the time of losses.
To date, 97% of US customers say their distribution, while only 43% of US customers have received their distribution. It should be noted that repairing distribution for US customers is more straightforward and started earlier than non-US people, involved in US and Bermuda courts.
One possible reason for the deficiency in the claimants may be because people are thinking of messages from the blockfi estate asking customers to choose a payment method is to attack spam or phishing. The firm said it was working with security experts to ensure customers of legitimacy.
“Blockfi does everything it can to make a final distribution to all former customers,” the blogpost said. “Some customers may need to complete a process of verifying your customer’s identity ‘to receive their distribution. We strongly encourage all customers who have not received their distribution or finished this process to complete this process on May 15, 2025.”
US and Non-US customers have to do KYC to use Blockfi in the first place, so it is not likely to be a barrier for those who still claim distribution.
The verification process, which requires two forms of ID, takes ten minutes to perform, Blockfi said. Once completed, reviewed, and approved, clients can expect to receive processed payments within 45 days, it said.
The losses code states that the property that customers are not claiming by the May 15 deadline will be shared with other unsafe creditors less than the following.
