PageSourceSearch

https://blockfiofficialcommittee.com/faq/

html blockfiofficialcommittee.com collected 2026-10-08 21:34:45 UTC 23,581 bytes, 393 lines download raw bytes

1<!-- layout.nunjucks -->
2<!DOCTYPE html>
3<html>
4
5
6
7
8
9
10
11
12
13<head>
14    <!-- Google tag (gtag.js) -->
vendor: 68 bytes, lines 14-15
14
15    <script async src="https://www.googletagmanager.com/gtag/js?id=
15G-V7MZKFYNLW
vendor: 16 bytes, lines 15-16
15"></script>
16    
16<script>
17    
vendor: 139 bytes, lines 17-20
17window.dataLayer = window.dataLayer || [];
18    function gtag(){dataLayer.push(arguments);}
19    gtag('js', new Date());
20    gtag('config', '
20G-V7MZKFYNLW
vendor: 8 bytes, lines 20-21
20');
21    
21</script>
21
22    <meta charset="UTF-8">
23    <meta name="viewport" content="width=device-width">
24    <link rel="icon" type="image/png" href="/img/favicon.ico">
25    <!-- Primary Meta Tags -->
26    <title>Official Committee of Unsecured Creditors of BlockFi</title>
27    <meta name="title" content="Official Committee of Unsecured Creditors of BlockFi">
28    <meta name="description" content="This is the website for the Official Committee of Unsecured Creditors of BlockFi. Updates will be provided on this website. Y">
29    <!-- Open Graph / Facebook -->
30    <meta property="og:type" content="website">
31    <meta property="og:url" content="https://blockfiofficialcommittee.com">
32    <meta property="og:title" content="Official Committee of Unsecured Creditors of BlockFi">
33    <meta property="og:description" content="This is the website for the Official Committee of Unsecured Creditors of BlockFi. Updates will be provided on this website. Y">
34    <meta property="og:image" content="https://blockfiofficialcommittee.com/img/blockfi-share-image.jpg">
35    <!-- Twitter -->
36    <meta property="twitter:card" content="summary_large_image">
37    <meta property="twitter:url" content="https://blockfiofficialcommittee.com">
38    <meta property="twitter:title" content="Official Committee of Unsecured Creditors of BlockFi">
39    <meta property="twitter:description" content="This is the website for the Official Committee of Unsecured Creditors of BlockFi. Updates will be provided on this website. Y">
40    <meta property="twitter:image" content="https://blockfiofficialcommittee.com/img/blockfi-share-image.jpg">
41
42    <link rel="apple-touch-icon" sizes="180x180" href="/img/apple-touch-icon.png">
43    <link rel="icon" type="image/png" sizes="32x32" href="/img/favicon-32x32.png">
44    <link rel="icon" type="image/png" sizes="16x16" href="/img/favicon-16x16.png">
45    <link rel="manifest" href="/img/site.webmanifest">
46
47
48    <!--[if lt IE 9]>
49      
49<script src="dist/html5shiv.js"></script>
49
50      
50<script src="dist/respond.min.js"></script>
50  
51    <![endif]-->
52    <link rel="preload" href="/css/main.min-da1ce6cb93.css" as="style">
53    <link rel="stylesheet" href="/css/main.min-da1ce6cb93.css">
54    
54<script type='text/javascript' src='/js/main.min-66a74facbe.js'></script>
54
55
56
57    <!--[if lt IE 9]>
58        
58<script src="<?php echo get_template_directory_uri(); ?>/dist/html5shiv.js"></script>
58
59        
59<script src="<?php echo get_template_directory_uri(); ?>/dist/respond.min.js"></script>
59
60    <![endif]-->
61</head>
62
63<body class="faq">
64    <main class="l-wrap faq">
65        
66        
67<nav class="dropdown main-nav">
68    <div class="content-lg flex-grid-xs flex-grid-center flex-grid-space-between">
69        <a href="/" class="main-logo">
70            <img src="/img/blockfi-logo--light--lg.png" alt="BlockFi UCC">
71        </a>
72        
73        <button class="btn-toggle main-menu light" data-target="main-navigation">
74            <small id="label">Menu</small>
75            <span id="one"></span>
76            <span id="two"></span>
77            <span id="three"></span>
78        </button>
79
80        <ul class="main-nav" id="main-navigation">
81            <li  class="active">
82                <a href="/faq">
83                    FAQ
84                </a>
85            </li>
86            <li >
87                <a href="https://restructuring.ra.kroll.com/blockfi/Home-DocketInfo" target="_blank">
88                    Court Filings
89                </a>
90            </li>
91            
92            <li>
93                <a href="https://twitter.com/BlockFiUCC" target="_blank">
94                    Twitter
95                </a>
96            </li>
97        </ul>
98
99    </div>
100</nav>
101
102        
103<header class="main-header header-auto-height flex-grid-xs flex-grid-center pad-tb-sm center">
104    <div class="content">
105        <h1>
106            FAQ
107        </h1>
108    </div>
109</header>
110<section class="pad-tb-x white-bg">
111    <div class="content">
112        <div class="marg-tb-sm">
113            <a href='/faq/plan' class='btn btn-sm primary-outline'>Plan FAQ</a>
114            <a href='/faq/claims-filing' class='btn btn-sm primary-outline'>Claims Filing FAQ</a>
115        </div>
116        
117        
118            <ul class="list">
119                
120                    <li class="marg-lr-none font-size--sm">
121                        <a href="#faq1">
122                            What does it mean that BlockFi filed for Chapter 11 Bankruptcy?
123                        </a>
124                    </li>
125                
126                    <li class="marg-lr-none font-size--sm">
127                        <a href="#faq2">
128                            How long does the automatic stay last?
129                        </a>
130                    </li>
131                
132                    <li class="marg-lr-none font-size--sm">
133                        <a href="#faq3">
134                            What is the Official Committee of Unsecured Creditors?
135                        </a>
136                    </li>
137                
138                    <li class="marg-lr-none font-size--sm">
139                        <a href="#faq4">
140                            What is the make-up of the BlockFi Committee?
141                        </a>
142                    </li>
143                
144                    <li class="marg-lr-none font-size--sm">
145                        <a href="#faq5">
146                            Does the Committee have professional assistance?
147                        </a>
148                    </li>
149                
150                    <li class="marg-lr-none font-size--sm">
151                        <a href="#faq6">
152                            What do creditors need to do in terms of the bankruptcy proceeding?
153                        </a>
154                    </li>
155                
156                    <li class="marg-lr-none font-size--sm">
157                        <a href="#faq7">
158                            How do I ensure that my claim is properly calculated and considered in the case?
159                        </a>
160                    </li>
161                
162                    <li class="marg-lr-none font-size--sm">
163                        <a href="#faq8">
164                            Is this relevant for international creditors?
165                        </a>
166                    </li>
167                
168                    <li class="marg-lr-none font-size--sm">
169                        <a href="#faq9">
170                            Will I recover my money?
171                        </a>
172                    </li>
173                
174                    <li class="marg-lr-none font-size--sm">
175                        <a href="#faq10">
176                            What can I expect next?
177                        </a>
178                    </li>
179                
180                    <li class="marg-lr-none font-size--sm">
181                        <a href="#faq11">
182                            I have questions about how to file a proof of claim?  Can you help explain that process?
183                        </a>
184                    </li>
185                
186            </ul>
187        
188        
189            
190                <article class="pad-tb-sm" id="faq1" style="scroll-margin-top: 100px;">
191                    <h2 class="font-size--md">
192                        What does it mean that BlockFi filed for Chapter 11 Bankruptcy?
193                    </h2>
194                    <p>
195                        Chapter 11 is the form of bankruptcy usually used by businesses. Any company can voluntarily file for Chapter 11.  Doing so puts an immediate freeze (called the “automatic stay”) on all efforts to seize company assets, by litigation or otherwise. When BlockFi filed for Chapter 11 protection (in November 2022), the automatic stay immediately went into  effect. As a result, customers could not reclaim money from the BlockFi platform.
196                    </p>
197                </article>
198                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
199            
200                <article class="pad-tb-sm" id="faq2" style="scroll-margin-top: 100px;">
201                    <h2 class="font-size--md">
202                        How long does the automatic stay last?
203                    </h2>
204                    <p>
205                        The automatic stay does not remain in place forever. You will eventually receive value back. This typically happens when: (1) the Bankruptcy Court approves a “plan” (it can be a “plan of reorganization” or a “plan of liquidation”) that provides for distributions to the creditors; or (ii) the Chapter 11 is converted to a Chapter 7 case, where a trustee is appointed to liquidate the assets and distribute the proceeds to creditors. A plan must meet numerous evidentiary requirements before it can be approved by the Bankruptcy Court, including sufficient proof that it offers creditors more value than they will receive in a Chapter 7 liquidation. For BlockFi – which is not now an operational business – these evidentiary requirements are difficult.
206                <br><br>
207                That said, the Bankruptcy Code gives BlockFi time to explore its options and work towards a plan that the Bankruptcy Court can ultimately approve. That is 
207where the case stands at present. We expect the case will continue in this “exploration” phase for several more months.
208                    </p>
209                </article>
210                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
211            
212                <article class="pad-tb-sm" id="faq3" style="scroll-margin-top: 100px;">
213                    <h2 class="font-size--md">
214                        What is the Official Committee of Unsecured Creditors?
215                    </h2>
216                    <p>
217                        You might think of the Official Committee of Unsecured Creditors (also referred to as the “Official Creditors Committee” or just the “Committee”) as BlockFi’s “adversary” in this case. Chapter 11 is, in many respects, an adversary process, like other kinds of litigation. But, the Bankruptcy Code does not intend for the company and Committee to litigate all issues to judgment. It hopes that the sides can work together, ultimately reaching agreement as to how best the case should come to an end. 
218                <br><br>
219                The Committee is appointed by the U.S. federal government (specifically, the Department of Justice) in every Chapter 11 case. It is comprised of unsecured creditors that the government believes: (i) individually, are sophisticated, unconflicted, and otherwise best able to perform the duties of Committee membership; and (ii) collectively, are representative of all of the company’s unsecured creditors. The Official Committee owes a fiduciary duty to the unsecured creditor community, as a whole, and works to maximize value for all unsecured creditors. Committee members volunteer for this assignment and they do not receive compensation for their service. That is true even though it is a very time consuming and often quite a difficult job.
220                    </p>
221                </article>
222                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
223            
224                <article class="pad-tb-sm" id="faq4" style="scroll-margin-top: 100px;">
225                    <h2 class="font-size--md">
226                        What is the make-up of the BlockFi Committee?
227                    </h2>
228                    <p>
229                        The BlockFi Committee is comprised of nine creditors. They are all sophisticated individuals who collectively entrusted BlockFi with a very considerable amount of money. The Committee is cross-representative. It includes customers: (i) holding interest accounts and wallets; (ii) who participated in private client programs, lending and trading activities; (iii) who invested with BlockFi domestically and with BlockFi International; and (iv) who instructed BlockFi to transfer funds into wallet accounts after the “pause” went into effect, as well as customers who did not. The Committee is working diligently to understand what happened and how to return as much money as possible, as soon as possible, to BlockFi’s customers. This requires Committee members to dedicate many hours every week to this case, despite their work and family commitments. They are doing this (again, without compensation) because – just like you – they want their money back.
230                    </p>
231                </article>
232                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
233            
234                <article class="pad-tb-sm" id="faq5" style="scroll-margin-top: 100px;">
235                    <h2 class="font-size--md">
236                        Does the Committee have professional assistance?
237                    </h2>
238                    <p>
239                        Yes. The Committee has retained lawyers and financial advisors who are specialists in Chapter 11 and the particular cryptocurrency issues arising in BlockFi’s case. The professionals are working tirelessly to help the Committee learn the underlying facts, chart the best available strategy, engage with BlockFi about how to best move the case forward, and appear before the Bankruptcy Court. The Committee has also instructed 
239its professionals to communicate with customers, so that BlockFi’s unsecured creditors receive information as the case progresses. This website and the Committee’s twitter handle is intended to keep BlockFi’s unsecured creditors updated on the status of the bankruptcy case.
240                    </p>
241                </article>
242                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
243            
244                <article class="pad-tb-sm" id="faq6" style="scroll-margin-top: 100px;">
245                    <h2 class="font-size--md">
246                        What do creditors need to do in terms of the bankruptcy proceeding?
247                    </h2>
248                    <p>
249                        The Committee is intended to be the representative body handling most case issues for unsecured creditors. Unsecured creditors are not expected to dedicate a comparable amount of time (and personally spend the money) necessary to figure out the best solution for BlockFi’s bankruptcy. You are, of course, welcome to participate in the case as much as you would like. But, please know that the Committee is working extremely hard on behalf of all unsecured creditors, including you.
250                    </p>
251                </article>
252                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
253            
254                <article class="pad-tb-sm" id="faq7" style="scroll-margin-top: 100px;">
255                    <h2 class="font-size--md">
256                        How do I ensure that my claim is properly calculated and considered in the case?
257                    </h2>
258                    <p>
259                        Each creditor can file a “proof of claim” in the case. This is your statement as to how much you believe BlockFi owes you, and it is a necessary filing if you believe that BlockFi has incorrectly recorded your debt in its books and records (called, in bankruptcy, the company’s “Schedules”). BlockFi is reaching out to creditors to provide claim amounts as presently listed on the Schedules. You do not, however, need to wait on that outreach from BlockFi. You can go ahead and file your proof of claim now, and it is not a difficult document to fill out and return.
260                <br><br>
261                The deadline for filing your proof of claim is <strong><u>March 31, 2023, at 5:00 p.m. Eastern Time.</u></strong> Each creditor should file his/her proof of claim so that it is <strong><u>received</u></strong> by this date. This deadline applies regardless of whether you have or have not received a communication from BlockFi respecting your claim amount as listed on the Schedules. Instructions for preparing and filing the proof of claim can be found <a href='https://restructuring.ra.kroll.com/blockfi/EPOC-Index' target='_blank'>here</a>.
262                    </p>
263                </article>
264                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
265            
266                <article class="pad-tb-sm" id="faq8" style="scroll-margin-top: 100px;">
267                    <h2 class="font-size--md">
268                        Is this relevant for international creditors?
269                    </h2>
270                    <p>
271                        Yes. It is relevant to all creditors, U.S.-domestic and international, regardless of which BlockFi entity that you entrusted with your money. All BlockFi entities are all part of the Chapter 11 process, and so too are all BlockFi customers and creditors.
272                    </p>
273                </article>
274                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
275            
276                <article class="pad-tb-sm" id="faq9" style="scroll-margin-top: 100px;">
277                    <h2 class="font-size--md">
278                        Will I recover my money?
279                    </h2>
280                    <p>
281                        BlockFi is in a Chapter 11 bankruptcy because it does not have enough money to immediately repay its creditors and honor customer returns. The bankruptcy estate does, however, have a considerable amount of assets, some that are easy to value (e.g., cash on hand) and others that are less easy to value (e.g., general business assets). BlockFi also had significant business dealings with FTX. How much creditors ultimate recover and when are questions that depends, in part, on how much and how easily BlockFi can recoup value from FTX’s bankruptcy. As a result, it is difficult to predict how much of your money you will receive and when, but please know that we are working diligently to find the best resolution for you.
282                    </p>
283                </article>
284                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
285            
286                <article class="pad-tb-sm" id="faq10" style="scroll-margin-top: 100px;">
287                    <h2 class="font-size--md">
288                        What can I expect next?
289                    </h2>
290                    <p>
291                        We will be providing relevant updates on this site and our <a href='https://twitter.com/BlockFiUCC' target='_blank'>Twitter page.</a>
292                    </p>
293                </article>
294                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
295            
296                <article class="pad-tb-sm" id="faq11" style="scroll-margin-top: 100px;">
297                    <h2 class="font-size--md">
298                        I have questions about how to file a proof of claim?  Can you help explain that process?
299                    </h2>
300                    <p>
301                        We have created a separate FAQ that address this.  <a href='/faq/claims-filing'>View the Proof of Claim FAQ</a>
302                    </p>
303                </article>
304                <hr class="thin color-gray marg-tb-none marg-lr-auto" style="width: 70%; max-width: 700px;">
305            
306        
307    </div>
308</section>
309
310<script>
311    $(document).on('ready', function(){
312        // Select all links with hashes
313        $('a[href*="#"]')
314        .not('[href="#"]')
315        .not('[href="#0"]')
316        .click(function(event) {
317            // On-page links
318            if (
319            location.pathname.replace(/^\//, '') == this.pathname.replace(/^\//, '') 
320            && 
321            location.hostname == this.hostname
322            ) {
323                // Figure out element to scroll to
324                var target = $(this.hash);
325                target = target.length ? target : $('[name=' + this.hash.slice(1) + ']');
326                // Does a scroll target exist?
327                if (target.length) {
328                    var $target = $(target);
329                    $target.focus();
330                    if ($target.is(":focus")) { // Checking if the target was focused
331                        return false;
332                    } else {
333                        $target.attr('tabindex','-1'); // Adding tabindex for elements not focusable
334                        $target.focus(); // Set focus again
335                    };
336                }
337            }
338        });
339    });
340</script>
340
341
342
343    
344      <footer id="main">
345    <div class="content pad-tb-sm" style="padding-bottom: 0; z-index: 1;">
346        <div class="flex-grid-xs flex-grid-center flex-grid-space-evenly">
347        
348            <section class="navigation row center">
349                <nav>
350                    <a href="/" class="main-logo">
351                        <img src="/img/blockfi-logo--light--lg.png" alt="BlockFi UCC">
352                    </a>
353                </nav>
354                <nav>
355                    <ul>
356                        <li class="header">
357                            <a href="/privacy">
358                                Privacy Policy
359                            </a>
360                        </li>
361                    </ul>
362                </nav>
363                
364                <nav>
365                    <ul>
366                        <li class="header center">
367                            <a href="https://twitter.com/BlockFiUCC" target="_blank">
368                                <svg class="font-size--xl icon-" aria-hidden="true" data-fa-processed="" data-prefix="fab" data-icon="twitter" role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512">
369                                    <path fill="currentColor" d="M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z"></path>
370                                </svg>
371                            </a>
372                        </li>
373                    </ul>
374                </nav>
375            </section>
376        </div>
377    </div>
378    <section class="colophon">
379        &copy;
380        
380<script>
381        document.write(new Date().getFullYear());
382        </script>
382 BlockFi UCC. All Rights Reserved.
383    </section>
384</footer>
385
386</body>
387
388</html>
389    </main>
390    <svg data-url="/svg/icons-sprite.svg" style="display: none;"></svg>
391</body>
392
393</html>

Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.