Finance

BlockFi to Begin Compensation Payouts in July through Coinbase Exchange

In July 2024, the crypto lender BlockFi will initiate the first round of compensation payouts. Asset distribution will be conducted through the Coinbase exchange. Previously, in May, the company announced the final closure of its platform.

BlockFi, which faced financial collapse, will commence compensation payouts to its clients in July 2024. According to a blog post, the funds will be distributed via the Coinbase exchange.

The statement noted that clients of the platform would receive notifications at the email address provided during their BlockFi account registration. However, users who are not U.S. citizens will be unable to receive compensation due to regulatory requirements, company representatives said.

“We have engaged Coinbase as our distribution partner to ensure seamless cryptocurrency withdrawals to the BlockFi Interest Account (BIA),” BlockFi stated.

According to the crypto lender, clients eligible for compensation payouts will be able to withdraw funds to the Coinbase exchange. Users without an account on this platform will receive their payout in cash according to the previously approved plan.

To recall, in November 2022, BlockFi declared bankruptcy. The company planned to distribute funds to affected clients in the summer of 2023.

In October 2023, the crypto lender completed its bankruptcy procedure after receiving court approval for its liquidation plan. Under this plan, the company is attempting to recover assets from the FTX cryptocurrency exchange and the Three Arrows Capital (3AC) hedge fund, which it claims belong to it.

In February 2024, it was revealed that BlockFi and 3AC had reached an agreement on counterclaims amounting to $409 million.

There was also information earlier about BlockFi reaching a "principled agreement" with FTX and Alameda Research. It was reported that the firms would pay a total of $874.5 million and waive their claims.

In May 2024, BlockFi announced the final closure of its web platform. The company advised users to download all available data before the termination of service.

ECB tries to save EU economy - central bank will be flexible in reinvesting PEPP program

The pandemic has left persistent vulnerabilities in the eurozone economy that contribute to the uneven normalization of our monetary policy among different countries, the ECB said. The ECB has instructed Eurosystem committees and ECB services to accelerate the development of a new mechanism to combat fragmentation. Why it matters. Rising

Price for oil price cap yet to be determined, head of European Commission

"The EU is ready in principle to go to the oil price cap," von der Leyen added. Earlier, the head of the U.S. Treasury Yellen said that the U.S. is not against the purchase of oil by India above the price cap. The WSJ also reported citing sources

U.S. officials forced to roll back plan to limit Russian oil prices - Bloomberg

India and China - Russia's most important trading partners - will not participate, Bloomberg sources said. The price cap plan is still alive after all. However, the price cap will be higher than previously thought. Earlier, U.S. Treasury Secretary Yellen said the price ceiling could be in the range

Read next