BlockFi Says Half of Non-US Customers Haven't Claimed Funds

BlockFi Urges Creditors to Actively Claim Bankruptcy Compensation

Despite the looming May 15 deadline, only 43% of non-US clients have applied for their assets.

Author: Ian Allison | Edited by: Parikshit Mishra Updated: April 2, 2025, 8:25 AM UTC Published: April 2, 2025, 11:00 AM UTC

What you need to know:

• BlockFi said in a blog post that plaintiffs have until May 15 to request the return of their assets.
• Currently, 97% of US customers have received their newsletters, while only 43% of international customers have received theirs.

Less than half of non-U.S. customers of bankrupt cryptocurrency lender BlockFi have filed asset recovery claims as the May 15 deadline approaches, the lender said in a blog post Wednesday.

BlockFi filed for bankruptcy in November 2022 amid the aftermath of the FTX collapse that affected the entire crypto industry. The company later emerged from bankruptcy and announced a plan in July 2024 to distribute 100% of the dollar value of customer claims at the time of the bankruptcy filing.

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Currently, 97% of US clients have applied for their allocations, while only 43% of non-US clients have received their allocations. It should be noted that the allocation process for US clients was less complex and began earlier than for non-US clients, requiring the involvement of both US and Bermuda courts.

One possible reason for the low number of applicants could be that people view BlockFi Estate notifications asking them to choose how they want to receive their payments as spam or phishing attacks. The company said it is working with security experts to confirm to customers that these messages are legitimate.

“BlockFi is working hard to ensure final distributions to all former customers,” the blog post reads. “Some customers may need to complete the Know Your Customer (KYC) verification process to receive their payouts. We strongly encourage all customers who have not received their distributions or have not completed this process to do so by May 15, 2025.”

Customers from the US and other countries were required to complete KYC to use BlockFi's services, so this is unlikely to be a barrier for those who still want to receive payouts.

The verification process, which requires two forms of ID, takes just ten minutes, BlockFi said. Once completed, verified and approved, customers can expect to receive processed payments within 45 days, the release said.

The bankruptcy code states that assets that are not claimed by customers by the May 15 deadline will be redistributed among other unsecured creditors lower in the hierarchy.

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