BlockFi set to open customer withdrawals in summer
Bankrupt crypto lender BlockFi expects to grant customer withdraw als this summer upon the successful completion of essential testing to verify accurate account balances. In an email sent on Monday, customer s were informed that BlockFi received court approval on May 17 to update user interfaces. This is a necessary step to make it easier for clients to withdraw their funds, the firm added. The digital assets contained within the custodial omnibus wallets, as of the platform pause, do not belong to BlockFi, Judge Michael Kaplan said in the May court order. “BlockFi needs to build new product functionality and make changes to the platform in order to process these withdrawals,” the lender said, according to screenshots of the email posted to Twitter. “We anticipate that this work and the necessary testing will be completed by this summer. At that time, we will be in a position to begin making distributions to clients.” Blockworks has reached out to BlockFi for comment on the ti...