BlockFi receives permission to return $297M to certain customers | Keyword Financial

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BlockFi receives permission to return $297M to certain customers

May. 11, 2023

By Mike Dalton

A judge ruled that funds in wallets, but not interest accounts, belong to users.

BlockFi received permission to return $297 million to certain customers as part of its bankruptcy proceedings, Reuters said on May 11.

Specifically, the company is permitted to return those funds to customers who held funds in BlockFi’s Wallet rather than its interest-bearing accounts.

Judge Michael Kaplan ruled that although wallet users owned their deposits, customers who stored funds in interest-bearing accounts did not own their balance but granted control to BlockFi. The company, in turn, used those assets in its lending activities.

Ruling excludes $375 million

The ruling excludes users who moved funds to the wallet as a last-minute measure when BlockFi filed for bankruptcy last November.

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