The bankrupt crypto lending platform BlockFi will provide refunds to California-based customers, according to a March 27 report from state regulators.
The Department of Financial Protection said that those users will receive more than $100,000 in refunds following approval from the bankruptcy court.
The regulator said that at the time of BlockFi’s bankruptcy last November, the company did not inform users in a timely manner that they no longer needed to pay loans. This caused customers in California to pay about $103,471 to BlockFi’s servicer unnecessarily.
The $100,000 of refunds described above make up a very small portion of the total amount that BlockFi owes to its former customers. The company had between $1 billion and $10 billion of liabilities, according to its earliest bankruptcy filings.
More details to follow…
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