BlockFi to provide over $100K in refunds to California clients

Bankrupt crypto lender BlockFi has agreed to refund more than $100,000 to California customers that had continued to repay loans even after a trading halt on Nov. 10 last year. 

According to a March 27

According to the DFPI, Commissioner Clothilde V. Hewlett previously suspended BlockFi’s lending license for 30 days beginning on Nov. 11, 2022 and moved to revoke BlockFi’s CFL license on Dec. 15, 2022.

BlockFi halted client withdrawals and requested clients not to deposit to BlockFi wallets or Interest Accounts on Nov. 10, citing a lack of clarity around the FTX collapse.

Today, BlockFi filed voluntary cases under Chapter 11 of the U.S. Bankruptcy Code.https://t.co/adaAx6me4r

— BlockFi (@BlockFi) November 28, 2022

By Nov. 28, BlockFi filed for Chapter 11 bankruptcy for the company and its eight subsidiaries. BlockFi International filed for bankruptcy with the Supreme Court of Bermuda on the same day.