BlockFi Custodial Wallet Users to Receive Nearly $300 Million After Judge Rules in Their Favor

05/11 15:36

BlockFi custodial wallet users are set to receive almost $300 million after a New Jersey judge ruled that the assets in the wallets belong to clients rather than the bankrupt crypto lender's estate. However, the judge ruled against repaying a further $375 million in funds that clients tried to withdraw from BlockFi's interest-bearing accounts after the company froze funds last year. The ruling means that funds deemed to belong to customers can be returned immediately, rather than being divided among creditors of the company's estate. BlockFi filed for Chapter 11 bankruptcy in November 2022, a few weeks after FTX, from which the crypto lender had sought a bailout in June.

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