BlockFi International is a branch of the Bermuda-based company that has operations outside of the United States.
According to Cointelegraph, BlockFi, a bankrupt cryptocurrency lending company, has filed a motion seeking the United States Bankruptcy Court to grant its consumers access to digital assets now stored in BlockFi Wallets.
In a motion filed on December 19 to the U.S. Bankruptcy Court for the District of New Jersey, the lender asked authorization from the bankruptcy court to recognize customer withdrawals from wallet accounts as of the platform’s stop on November 10.
Furthermore, according to Cointelegraph, authorization is requested in court proceedings so that the user interface may be changed to appropriately represent transactions after the platform was paused.
According to BlockFi, the halted transfers and withdrawals from BlockFi Interest Accounts won’t be affected by this action.
The lending platform has also declared that it plans to request “equivalent remedies with respect to BlockFi Wallet Accounts housed at BlockFi International Ltd.” from Bermuda’s Supreme Court.
BlockFi International is a branch of the Bermuda-based company that has operations outside of the United States.
BlockFi asked users to avoid making deposits into Interest Accounts or BlockFi wallets on November 11 and stopped client withdrawals, citing a lack of certainty regarding FTX.
On November 28, BlockFi submitted a Chapter 11 bankruptcy petition to the United States Bankruptcy Court for the District of New Jersey on behalf of the corporation and its eight subsidiaries. BlockFi International submitted a bankruptcy petition to Bermuda’s Supreme Court on the same day.
