From BlockFi email today:
> BlockFi today voluntarily filed petitions for Chapter 11 reorganization. You will be able to find the official announcement here.
> This action follows the shocking events surrounding FTX and associated corporate entities (“FTX”) and the difficult but necessary decision we made as a result to pause most activities on our platform.
> Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients. These Chapter 11 cases will enable BlockFi to stabilize the business and provide BlockFi with the opportunity to consummate a reorganization plan that maximizes value for all stakeholders, including our valued clients.
> Rest assured, we will continue to work on recovering all obligations owed to BlockFi as promptly as practicable.
> Additional information regarding our Chapter 11 cases, including court documents and claim information, can be found by visiting BlockFi’s claims agent Kroll at https://restructuring.ra.kroll.com/blockfi. Clients with questions about the process may call Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email firstname.lastname@example.org.
> We apologize that communication with our clients has not been as frequent as you have come to expect from us. We look forward to transparency through our reorganization, and will work to keep clients and stakeholders informed as we make progress. You can find additional information about our Chapter 11 process and what this means for you in our FAQ and our blog.
> Acting in the best interest of our clients is our top priority and continues to guide our path forward.
I received 3 emails the last week from BlockFi...luckily I only have about $800 worth of btc on their platform.
Dear Valued Cardholder,
In light of recent developments at BlockFi, we would like to provide a friendly reminder that all terms and conditions of your cardholder agreement still continue to apply. As has been the case thus far, any existing balances or future purchases will need to be paid back per the minimum payment requirements on your card or sooner if you wish to do so. Your repayment activity and account status will continue to be reported to the credit bureaus. We look forward to continuing to serve you as our customer and address any questions you may have about this notification. Please don't hesitate to contact us using the contact information provided on the back of your card. Please review the Cardholder Agreement Terms & Conditions for information about your BlockFi Rewards Visa® Signature Card.
The BlockFi Rewards Visa® Signature Card is issued by Evolve Bank and Serviced by Deserve, Inc., both of which are separate business entities from BlockFi.
Dear BlockFi Clients,
As always, we want to provide important updates to you about our business as transparently, empathetically, and quickly as possible.
We are in the heartbreaking position of sharing the following news with you:
1. We are shocked and dismayed by the news regarding FTX and Alameda. We, like the rest of the world, found out about this situation through Twitter. Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual.
2. Our priority has been and will continue to be to protect our clients and their interests.
3. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms. We will share more specifics as soon as possible. We request that clients not deposit to BlockFi Wallet or Interest Accounts at this time.
4. We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.
For further questions, please feel free to contact our Client Success team.
The BlockFi Team
Dear Valued Cardholder,
In light of recent developments at BlockFi, which are beyond our control, we are writing to notify you that purchasing privileges on your BlockFi Rewards Visa® Signature Card are suspended until further notice. As a result, you will not be able to make purchases using your card. However, you will be able to view your transactions activity, download statements and make payments on any outstanding balance. Please don't hesitate to call 1-(833)-426-0304 or email BlockFicard@deserve.com or refer to the contact information provided on the back of your card with any questions.
Your BlockFi Rewards Visa® Signature Card is issued by Evolve Bank & Trust. Please review the Cardholder Agreement Terms & Conditions for more information.
Evolve Bank & Trust