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Road to Recovery: BlockFi Plans to Facilitate Crypto Withdrawals Soon

Road to Recovery: BlockFi Plans to Facilitate Crypto Withdrawals Soon

BlockFi plans to allow crypto withdrawals from wallet accounts this summer Users will receive an email when eligible. Meanwhile they are asked to set up external wallets to securely receive digital assets.

BlockFi customers have received an email that states the company intends to allow crypto withdrawals this summer.

In 2022, there were several bankruptcies due to the contagion effect of the market crash. Exchanges and other related services paused customer withdrawals due to insufficient funds.

While many users are awaiting the restart of withdrawals, some bankrupt companies have already enabled customers to withdraw their funds.

BlockFi Will Permit Crypto Withdrawals From Wallet Account

According to emails, the bankruptcy court permitted BlockFi to enable withdrawals from the wallet accounts. After the order, the crypto lender says it has been working to reflect balances and client transactions on the user interface (UI).

BlockFi didn’t give a precise timeline for enabling withdrawals, but it expects to complete necessary testing by this summer.

In the meantime, the crypto lender has asked its customers to set up external wallets to receive crypto securely. Lastly, when a particular customer is eligible for withdrawal, they will receive an email from the company.

While the wallet account users will soon be able to withdraw their funds, interest account users are awaiting clarification. A Twitter user wrote:

“Interest accounts are what matter. That’s the main business of BlockFi. So when interest account withdrawals?”

BlockFi filed for bankruptcy in November 2022 due to the impact of the FTX collapse.

Click here to learn more about the fall of the Sam Bankman-Fried empire.

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