2017-01-01
launched impact: medium confidence: low
BlockFi begins operating
BlockFi began operating as a crypto lender and later became known for interest accounts and lending products.
Launch date is approximate.
Platform dossier
BlockFi
Digital asset lender and interest account provider that paused activity after FTX collapsed, filed for Chapter 11 bankruptcy in November 2022, and later emerged from bankruptcy to wind down operations and pursue recoveries.
crypto_interest_account operations_ended counterparty_exposure confidence: medium
What happened?
BlockFi was exposed to FTX and Alameda-related credit risk. After the FTX collapse, BlockFi restricted platform activity, filed for bankruptcy, and later emerged from Chapter 11 to liquidate assets and distribute recoveries.
Customer outcome
partial_repaymentBlockFi emerged from bankruptcy to wind down and distribute recoveries. Final customer outcome depended on product type and recoveries from related counterparties.
Estimated recovery
varies_by_product_and_estate_recoveries
Repayment started
2023-10-24
Repayment completed
—
Confidence
medium
Terms risk
varies_by_productBlockFi requires product-by-product treatment in later research. This seed records the risk class but does not yet parse the full plan documents.
Affected product
BlockFi Interest Account, Wallet, loans, and related account categories
Confidence
medium
BlockFi customer outcomes and treatment varied across wallet, interest account, loan, and estate claim categories.
Uncertainty
Customer recoveries depended on product type and bankruptcy recoveries from FTX, Alameda, and related claims. Direct plan documents should be added in a later pass.
Timeline
2019-01-01
yield_program_started impact: medium confidence: low
Interest account product becomes central
BlockFi's interest account product became one of the most visible centralized crypto yield offerings.
Product history should be expanded later.
2022-02-14
regulatory_action impact: high confidence: high
SEC settlement over BlockFi Interest Accounts
BlockFi agreed to a settlement with the SEC and state regulators related to its interest account product.
Important terms and regulatory risk event.
2022-11-10
withdrawals_suspended impact: critical confidence: medium
Platform activity limited after FTX collapse
BlockFi paused or limited activity after the collapse of FTX and related uncertainty over exposure.
Failure-chain event linked to FTX exposure.
2022-11-28
bankruptcy_filed impact: critical confidence: high
Chapter 11 bankruptcy filed
BlockFi and affiliated debtors filed for Chapter 11 bankruptcy protection after FTX-related disruption.
Main bankruptcy event.
2023-10-24
restructuring_completed impact: high confidence: high
BlockFi emerges from bankruptcy
BlockFi announced that it had emerged from bankruptcy and would proceed with wind-down and recovery efforts.
Outcome remains tied to estate recoveries.
Evidence dossier
regulatory_notice high event
SEC BlockFi settlement notice
U.S. Securities and Exchange Commission · 2022-02-14
Supports BlockFi Interest Account regulatory action.
bankruptcy_document high event
BlockFi bankruptcy case information
Kroll Restructuring Administration
Restructuring administration portal.
official_statement high event
BlockFi emerges from bankruptcy
BlockFi · 2023-10-24
Supports emergence and wind-down phase.
news_article high event
BlockFi platform pause coverage
Reuters · 2022-11-11
Supports platform pause context.
news_article high event
BlockFi bankruptcy filing coverage
Reuters · 2022-11-28
Supports bankruptcy filing.