{"id":76293,"date":"2023-03-28T10:31:36","date_gmt":"2023-03-28T07:31:36","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=76293"},"modified":"2025-09-10T16:35:45","modified_gmt":"2025-09-10T13:35:45","slug":"blockfi-to-refund-over-100000-to-california-clients","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/blockfi-to-refund-over-100000-to-california-clients\/","title":{"rendered":"BlockFi to refund over $100,000 to California clients"},"content":{"rendered":"<p>The crypto-lending platform BlockFi will pay $103,471 to California-based clients who continued to repay loans for 11 days after BlockFi&#8217;s operations were suspended in November 2022.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Californian <a href=\"https:\/\/twitter.com\/BlockFi?ref_src=twsrc%5Etfw\">@BlockFi<\/a> users: BlockFi to refund over $100k after failing to notify borrowers about halting repayments post-FTX crash. The motion was filed, with a hearing set for April 19, 2023. Updates to follow. More info: <a href=\"https:\/\/t.co\/bJkiyfgA1b\">https:\/\/t.co\/bJkiyfgA1b<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/FTX?src=hash&#038;ref_src=twsrc%5Etfw\">#FTX<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BlockFi?src=hash&#038;ref_src=twsrc%5Etfw\">#BlockFi<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/CryptoRefund?src=hash&#038;ref_src=twsrc%5Etfw\">#CryptoRefund<\/a> <a href=\"https:\/\/t.co\/u0QpwY6oou\">pic.twitter.com\/u0QpwY6oou<\/a><\/p>\n<p>\u2014 CA Department of Financial Protection &#038; Innovation (@CaliforniaDFPI) <a href=\"https:\/\/twitter.com\/CaliforniaDFPI\/status\/1640429707845079040?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The Department of Financial Protection and Innovation (DFPI) said the company &#8220;did not timely notify borrowers that they could cease repaying their loans&#8221; until further notice.<\/p>\n<p>The court will hear the regulator&#8217;s motion on April 19, 2023. If approved, 111 platform clients will receive funds, including interest and late fees.<\/p>\n<p>On February 24 BlockFi<a href=\"https:\/\/dfpi.ca.gov\/wp-content\/uploads\/sites\/337\/2023\/03\/Admin.-Action-BlockFi-Lending-LLC-Stipulation.pdf\">\u0437\u0430\u043f\u0440\u043e\u0441\u0438\u043b\u0430<\/a> permission from the bankruptcy court to return payments to borrowers.<\/p>\n<p>The DFPI said the platform agreed to a &#8220;temporary suspension&#8221; of its California Financing Law license while &#8220;the proceedings and the revocation of the license&#8221; are being considered.<\/p>\n<p>If the court does not issue any other decision, the platform will suspend collection on state borrowers&#8217; loan payments and interest payments. BlockFi &#8220;will not charge, levy, and assess any late fees related to any payments, including after the due date,&#8221; the regulator said.<\/p>\n<p>The company will refrain from sharing delinquency or default data on state clients with credit bureaus and will not take &#8220;any actions that could harm the corresponding ratings.&#8221;<\/p>\n<p>On November 11, 2022 BlockFi <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-halts-withdrawals-amid-ftx-crisis\">halted withdrawals<\/a>, citing the FTX and Alameda Research crisis. A few days earlier, the platform&#8217;s founder Flori Marques <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-industry-participants-distance-themselves-from-ftx-and-alameda-research\">stated<\/a> that all of the company&#8217;s products were operational, and the business did not depend on the firms <a href=\"https:\/\/u1f987.com\/en\/news\/who-is-sam-bankman-fried\">Sam Bankman-Fried<\/a>. <\/p>\n<p>On November 28 BlockFi and eight subsidiary entities <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\">filed for bankruptcy<\/a> under Chapter 11 of the U.S. Bankruptcy Code. FTX Group <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">took this step<\/a> on November 11.<\/p>\n<p>In December, the platform&#8217;s management filed in the District Court of New Jersey a motion to permit<a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-seeks-court-order-to-permit-user-withdrawals-from-wallet-accounts\"> withdrawals of user funds<\/a> from wallet accounts.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The crypto-lending platform BlockFi will pay $103,471 to California-based clients who continued to repay loans for 11 days after the company suspended operations in November 2022.<\/p>\n","protected":false},"author":1,"featured_media":76294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1436],"class_list":["post-76293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockfi"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76293","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=76293"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76293\/revisions"}],"predecessor-version":[{"id":76295,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/76293\/revisions\/76295"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/76294"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=76293"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=76293"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=76293"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}