BlockFi Creditors Face May 15 Deadline, 43% of Non-U.S. Customers Yet to Claim Assets

BlockFi, a bankrupt cryptocurrency lending company, has set a deadline of May 15th for creditors to claim their allocated assets. According to the latest updates, 97% of U.S. customers have already submitted their claims, while only 43% of non-U.S. customers have done so. This disparity in claim submission rates highlights a significant gap between the two customer bases.

One possible reason for the low number of claimants among non-U.S. customers is the misidentification of BlockFi Estate's emails as spam or phishing attempts. Some customers may also need to complete the Know Your Customer (KYC) identity verification process to receive their allocations. BlockFi has strongly advised all customers who have not yet claimed their assets or completed the KYC process to do so by the May 15th deadline.

Under bankruptcy regulations, any assets not claimed by customers before the deadline will be redistributed among other unsecured creditors with lower priority. BlockFi filed for bankruptcy in November 2022 and announced a plan in July 2024 to distribute 100% of the dollar value of customer claims at the time of the bankruptcy filing. This plan aims to ensure that all eligible customers receive their entitled assets, provided they submit their claims by the specified deadline.