Markets
BlockFi Repayments to Its 100,000 Creditors Will Begin This Month
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Bankrupt crypto lender BlockFi will begin interim crypto distributions to creditors through Coinbase starting this month, the company wrote on Twitter and in a blog post.
“The distributions will be processed in batches in the coming months, and eligible clients will receive a notification to the BlockFi account email on file,” the company wrote on Wednesday. “Please note that non-US Clients are unable to receive funds at this time due to the regulatory requirements applicable to them.”
The news marks a significant step in BlockFi’s long journey since filing for Chapter 11 bankruptcy protection in November 2022 amid the collapse of crypto exchange FTX.
Founded in 2017 by Zac Prince and Flori Marquez, BlockFi quickly rose to prominence by offering high-yield interest accounts and crypto-backed loans. The company secured significant funding, including a $350 million Series D in March 2021 that valued it at $3 billion.
However, trouble began brewing in July 2021 when several U.S. states issued cease-and-desist orders against BlockFi, claiming its interest accounts were unregistered securities. In February 2022, the crypto lender settled with the SEC for $100 million over its lending product.
The killing blow came in November 2022, when FTX collapsed. BlockFi had substantial exposure to FTX and its trading arm, Alameda Research, with over $1.2 billion in assets tied up between them. When FTX and Alameda went under, BlockFi followed, citing liquidity issues. The lender filed for Chapter 11 bankruptcy on November 28, 2022, listing over 100,000 creditors.
In the ensuing proceedings, BlockFi executives largely blamed their woes on FTX and Alameda. The lender’s restructuring plan, which paves the way for creditor repayments, received 90% approval from voting creditors.
BlockFi emerged from bankruptcy in October 2023, nearly a year after filing. As part of its bankruptcy exit plan, BlockFi is now preparing to return customer funds, with distributions expected to start in early 2024.
According to BlockFi’s recent announcement, the company has partnered with Coinbase to facilitate the distribution of funds to creditors. The defunct crypto lender will begin processing withdrawals for wallet customers first, followed by distributions for BlockFi Interest Account (BIA) and loan customers.
The company estimates that BIA holders will recover anywhere from 39.4% to 100% of their funds, depending on the outcome of the FTX bankruptcy proceedings and the value of BlockFi’s equity in Robinhood.
As of July 2024, BlockFi customers are still awaiting the interim distributions announced by the company. Wallet customers have been able to withdraw funds, but BIA and loan customers have not yet received any repayments. The exact timing and amounts of these distributions remain uncertain, as they are tied to the complex legal proceedings surrounding FTX’s bankruptcy.
Edited by Stacy Elliott.
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Top cryptocurrencies to watch this week
Published
49 seconds agoon
October 6, 2024By
adminThe global crypto market cap ended last week with a 7% drop, losing $160 billion as it closed at $2.15 trillion.
While Bitcoin (BTC) influenced the broader market, several altcoins charted their own paths, benefiting from unique developments within their ecosystems.
Here are some of these cryptocurrencies to keep an eye on this week, following their diverse price movements last week:
HMSTR collapses 18%
Hamster Kombat (HMSTR) saw a bearish week, dropping 18% to $0.004714. Its worst day came on Oct. 1 when it fell 13.94% amid a broader market decline on the back of geopolitical tensions.
Last week’s bearishness built on a downtrend HMSTR has faced since its airdrop on Sept. 26. However, the four-hour chart shows some signs of recovery, with the RSI sloping upward, now at 42.82.
For the DMI, the +DI is steady at 17.46, signaling slight buyer momentum. However, the -DI at 23.07 slopes downward, indicating weakening selling pressure. The ADX is at 22.68 and trending downward, as the current trend loses strength.
These figures suggest a possible recovery if buying momentum continues, with bulls possibly targeting $0.0051. However, the downtrend may persist if buyers do not pick up pace this week.
SUI demonstrates resilience
Sui (SUI) showed resilience despite broader market volatility, dropping only 0.3%. On Oct. 1, amid market turmoil, SUI dipped just 0.97%.
However, it saw a sharper 10.38% decline on Oct. 3, its largest intraday crash in three months.
SUI appears to be forming a bull pennant following its uptrend in September. Currently, the Bollinger Bands indicate the upper band at $1.97, which acts as resistance, and the 20-day MA at $1.62 provides immediate support.
With SUI trading below the upper band, the price could stabilize above the $1.62 support.
Investors should monitor for a bounce between $1.62 and $1.97, with a breakout above the resistance likely signaling bullish momentum for the week.
FTT bucks the trend
FTX Token (FTT) defied market trends last week, gaining 22% while most assets declined.
On Oct. 1, FTT rose by 13.89%, followed by a 21.53% surge on Oct. 4 and another 9.86% the next day.
Amid this uptrend, the Williams Percent Range stands at -32.59, signaling that FTT is near overbought territory but still has room for further gains.
As it witnesses a 9% retracement this new week, bulls need to defend the Pivot support at $2.01 to prevent a slip into bearish territories. Below this, the next support rests at $1.33, marking lows last seen in two weeks.
Should FTT recover from the latest correction, market participants should watch for a break above the resistance level at $2.68, which continues the bullish momentum.
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Bitcoin
Whales didn’t sell Bitcoin at $62k, on-chain data shows
Published
3 hours agoon
October 6, 2024By
adminBitcoin faces yet another correction after surpassing the $62,000 mark on Oct. 2. However, data shows that whales haven’t taken part in the latest selloff.
Bitcoin (BTC) consolidated around the $60,000 zone between Oct. 1 and 4 as the geopolitical tension between Iran and Israel heated up.
Right after the U.S. jobs report, the flagship cryptocurrency reached a local high of $62,370 on Oct. 5 as the broader crypto market witnessed bullish momentum.
Bitcoin declined by 0.2% in the past 24 hours and is trading at $61,950 at the time of writing. Its daily trading volume plunged by 53% and is currently hovering at $12.2 billion.
According to data provided by IntoTheBlock, large Bitcoin holders recorded a net inflow of 205 BTC on Oct. 5 as the outflows remained neutral. The on-chain indicator shows that whales didn’t sell Bitcoin as its price surpassed the $62,000 mark.
Meanwhile, Bitcoin’s whale transaction volume decreased by 48% on Oct. 5 — falling from $48 billion to $25 billion worth of BTC. Lower trading and transaction volumes usually hint at price consolidations and lower volatility.
Data from ITB shows that Bitcoin registered a net outflow of $153 million from centralized exchanges over the past week. Increased exchange outflows suggest accumulation as the bullish expectations for October rise.
It’s important to note that macroeconomic events and geopolitical tension can suddenly change the direction of financial markets, including crypto.
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artificial intelligence
AI Tokens Lead Crypto Rebound Amid Strong U.S. Economy
Published
2 days agoon
October 5, 2024By
adminBitcoin may have bottomed at $60,000 earlier this week, and the Fed easing into a strong economy points to more upside, Will Clement said.
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