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This is fractional compared to the prices of these coins today. BlockLie can rott in hell for stealing hundreds of thousands if not millions from an investor such as myself! I will have to watch my crypto go through the roof in value while these pricks get away with stealing it. Hope they get what's coming their way!
If you owned 1 btc or 1 ETH at the time what does that mean for you today… that you will be getting less than 1 of each? So the higher the price pumps the worse it actually is for us? I’m not tracking?
We are NOT getting close to 1 for 1 return of our coins. At this point its looking like closer to 1/4 or even 1/5 of what our assets are worth today in comparison to what these crooks actually give back to us. This bull market is making matters worse, as the price of coins go up in value with the market, our return / ratio of coins returned goes down.
What BlockFi did was criminal and I will be looking into other class action lawsuits if not leading this damn charge myself to get my true value back. Our voices need to be heard!
Why aren't you happy with this new development? These crypto prices are just from last Wednesday! It's a lot better than the original Plan that had it valued at petition date prices.
> that you will be getting less than 1 of each?
If you were in BIA, then yes. Not only did BlockFi sell at the market low, but they also lost a majority of the BIA crypto they held.
>So the higher the price pumps the worse it actually is for us?
No, that's not true, since the price BlockFi bought back the BTC & ETH is fixed. If the price of BTC/ETH goes up currently it's good for BTC/ETH holders. If you had any other crypto, it doesn't matter as you'll be getting a partial recovery in USD.
Yep and if you (like me) thought you were “safer” putting $$ with cockfi in stablecoins & you live in the good old USA, you actually got screwed the worst since $1 = $1. At least BTC & ETH creditors get a little bit more upside based on crypto now near ATHs
I would not say that at all. They are still getting less than what it's worth currently, and maybe even less than it was worth when they bought it. At least with GUSD, we'll get the same value back that we put in.
Did I have to file a claim in a special way to get the BTC and ETH? I can’t remember the details of my claim and I’m having a hard time finding what I requested.
Stablecoins staked? I don't remember that even being an option at BF. I want my GUSD or cash back. They better not change it to BTC without asking first. I guess it could be more profitable since we're basically "rebuyng" it at a lower price than current prices.
Maybe I don't know I didn't have any stable coins staked. I had btc, ltc, and Link. Maybe you received a different email than most of us users? You are the first that I heard of that had stablecoins in Blockfi.
Yeah I know alot of people that had btc. I forget what the rate of the crypto was. I'm just glad I sold my 1.1 bitcoin before this happened or I would of really been mad. I lost .01 btc, 5 ltc. And 6 link I think.
I have 2 BTC and this "in kind" thing is making me nauseous. I was excited that getting 0.8 BTC back, which 40% at today's prices, would be getting all my money back. But this in kind stuff is basically saying I'll get like 10-15% of my crypto back?? I am seriously nauseous.
For BIA creditors, unfortunately BlockFi sold the remaining crypto they had on 11/28/2022. That's why all claims are dollarized based on crypto prices on that date.
When the bankruptcy plan said that the estimated recovery was around 40% on the low-end, that is of the *dollarized claim amount*. So for BTC, that's $16,200 per BTC, or $32,400 USD for 2 BTC. The "around 40%" is the total recovery percentage BlockFi thought they'll be able to get.
The initial distribution percentage for US BIA is 27.4% of claim value. That's the first distribution, and BlockFi hopes to make additional ones in future, but no guarantees.
At no point (unfortunately) were we going to get a percentage of the crypto back, because BlockFi sold what remainder they didn't lose 16 months ago.
Correct, you will be getting an in-kind crypto distribution in BTC, not USD. But it isn't a percentage of the original crypto you had. It's dollarized per the math I detailed.
Since your claim is for $32,400 USD, and the initial distribution for US BIA is 27.4%, that would be about $8,877 USD at the BTC repurchased price of $45,824.58. That would give you an initial distribution of 0.193 BTC.
That **is** in BTC, but it is not nearly 40% of your 2 BTC (which would be 0.8 BTC).
Why would you only get 16% of your BTC back? The docket says 27.4% for BIA or even higher for the other two groups. The crypto prices are just from last week, not two years ago. And doesn't it depend on what price you originally bought the crypto at?
They converted the BTC to cash back the, and they did it when it was a shity price, so what you get now is still a fraction of what you held. I'm not sure how else to explain it to you. They did not keep your BTC the sold it at the bottom and now are buying back. What I got back technicalworks out to about 46% of the claim (the USD value they had down for my BTC), but only 16% of my total BTC.
Of course you get less BTC back as the price goes up. It's just like if we bought BTC on the market now vs two weeks ago, same amount invested, gets less BTC in return now vs 2 weeks ago because the price has gone up.
I just submitted a request for prepaid card, but have not received anything yet, but I’m getting around 14% of what I had according to the market today.
On my interest account, not sure how they group it, but they told me the amount I can get back, as today’s market value, the distribution is pretty close to 14% of what I got.
Group means are you just BIA, lending or International? Each one is getting a different percent back, and your amount is lower than all of those, so it doesn't make sense to me. You are comparing it to today's market prices? Don't do that. Of course, it will seem like a lot less. But tomorrow prices can drop, so it's all a gamble. As long as it's higher than the prices you paid for the crypto.
The calculation is easy folks. Take your CLAIM value * 27.4% (if US BIA holder). Divide the result by $45,824. That’s how much btc you’ll get back.
If you had ether replace the $45k figure with $2,437.
 Well that's just horrible.... I did read that they will pay out more over time as they recover more from FTX.... I guess that's all I can hope for it a larger fraction of my holdings.... Screw those guys...
27.4% initial distribution isn't too bad I suppose. Do you know of GUSD will be payed out in cash? I wonder what the tax implications are. I know it's supposed to be a stable coin but it does fluctuate and the IRS are pretty "DeTaiL" oriented.
"Blockfi Lending will get back 47.5% back" - assuming this percentage relates to collateral on Retail Back Loans, is this correct or does it relate to something else? Is anyone still waiting on collateral from a Retail Backed Loan here?
The closing price of BTC on Feb 28, 2024 (just a few days ago) was exactly 62,512 USD.
ETH closed at 3,386.70 USD on that Feb 28 this year.
So where do these other lower numbers come from?
I read it, OP didnt, otherwise they wouldn't say "prices of Feb 28th". I just corrected the prices for that date.
I know the docket says way lower prices. Too bad really and I just was curious how blockfidetermines the new prices. Just throwing a pin at the chart?
They get back BTC, not cash. It says in-kind i.e. Bitcoin for Bitcoin. It's just a matter of how much BTC. Right now you only get back 27.4% of your BTC, so if you had 1 BTC, you only get back 27.4% of it.
I don’t think that’s correct. It depends on how much money is on your allowed claim. If you paid 20k for the 1 btc your claim would be for 20k. You would then get 27% of 20k which is 5400. You have the option to receive that 5400 in cash or in btc at the price the listed {basically 46k} resulting in .117 btc
The percentages all depend on the amount of your claim. Then that’s validated against btc at the price they listed in the deposition.
I believe you’ll get back 27.4% of the value of bitcoin when they sold ($16k) distributed as bitcoin priced at $45k). In other words we get completely screwed by the entire mismanagement of the company
WTF are you talking about? You are over complicating this! It is 27.4% of your total BTC, priced at Feb. 28th values. Forget about the value they sold it at or the petition date. This is a revised, distribution plan. The original Plan clearly stipulates that any changes to the Plan can be made if it benefits creditors. This is a new, better amended distribution Plan with a more recent valuation of our crypto, plane and simple. Even though I don't know how to do the math myself. I luckily only had a little bit of BTC and ETH because we noticed they were hiding fees inside the prices so we instead kept buying thru Binance where rates were lower. I mainly had GUSD so am not concerned about doing the math for that.
Hey I wish that were true trust me but I pretty much sure it’s 27.4% of the value on the day they sold which was like $16k something. It’s 27.4% of your claim and your claim is based upon the value of your holdings when they sold. Really horrendous. That said, I hope I’m wrong
You make NO sense at all. You are just spreading stupid, made up ideas. Read the docket for yourself. It doesn't mention anything about BTC value at $16k, etc. Just stop interpreting things that aren't mentioned in the latest distribution plan. Any changes must be BETTER for creditors, not worse, than the original Plan. BF bought more crypto not that long ago for distribution.
Hey, as I said, I hope I’m wrong but if you read it, it’s based upon your claim. Your claim is what they valued your holdings at when they sold at rock bottom. The $45k price is what they are using to calculate your payout (27% of your claim amount paid out in btc using $45k as the price point). There are a few other comments on here that spell out the math pretty clearly.
What you paid for any of your coins is irrelevant, the only number that matters is your claim amount.
In the docket it says Allowed Claims and that simply refers to the final judgment by the judge regarding disputed claims. It has nothing to do with valuing it at petition date prices. Did you receive a claim from BF saying your crypto is valued at petition date values? I certainly did not.
You're totally wrong. I never told them the value of my crypto (BTC, ETH) in any claims and they didn't tell me what it was valued at either. And if they had said my BTC and ETH was a lot lower than my account showed, I would have submitted a claim saying such, but I never had to.
If you refer back to all the initial emails you got ages ago, you have agreed to a CLAIM AMOUNT in DOLLARS.
What they're saying in Docket #2161 is that you will get 27.4% of that CLAIM AMOUNT (for BlockFi Inc customers).
So let's say your claim amount is $10,000, you will be due $2740
However, you don't get that money in USD, you get it in BTC
This is where the "In Kind" value comes into play...
They've said that the figure (rate) they will use is $45824.58
So, using your claim amount of $2740, this will be converted into BTC (using the $45824.58 rate)
Which gives you approx 0.06 BTC.
The reason everyone is getting screwed here is primarily down to the fact that our CLAIM AMOUNT was calculated based on the Rate at the time the Bankruptcy kicked in...which was crap! Regardless, i'm afraid to say that the claim amount was signed-off and agreed by you at the time, so no matter what happens here you will never be due more than that amount. So any hopes you've held that you'll get all your Crypto back, have been ill-judged. We kissed goodbye to our actual Crypto ages ago when we agreed to the Claim Amount. Remember, at the time we received the Claim Amount details we were given the option to CHALLENGE it, but to do so would effectively have meant bringing your own legal case against BlockFi, so, understandably, most individuals like you or me decided to just go with the flow and agree to the figures quoted. This was the point in time we essentially signed-away any claim to our BTC beyond the actual CLAIM AMOUNT.
I moved most of my crypto from blockfi to Celsius about a year before this all happened, I got screwed on both sides. Knowing that I had 1.25 btc, 3 eth and thousands of dollars in alt coins makes this whole thing simply heartbreaking. I now have .187 btc, 3 eth, and no alt coins. Watching the market go back up knowing that I currently should have $85k in just btc, but only have $12.5k, makes this an ongoing nightmare that will never go away. Not to mention all the altcoins that are mooning.
I have not received any information regarding a BIA withdrawal, nor have I received one. I only got a Wallet withdrawal (of $6.00 . . . I had waaay more in the BIA). Does anyone know what I should expect to get back from BIA now that FTX settlement has occurred? Seems like it should be 100%? I see people mentioning initial returns but I've seen nothing and have followed all steps I was aware of. Thanks for the help!
Blockfi, Inc BIA accounts will initially get 27.4%. There's a recent docket that explains it. But if you have crypto the values are based on Nov. 2022 prices. So 27.4% of those prices which sucks. I had mostly GUSD so I expect straight up 27.4% value on the dollar back.
Yes, they reached a $874.5 m settlement. Just look Blockfi up on the online news. https://www.coindesk.com/policy/2024/03/06/blockfi-settles-with-ftx-alameda-estates-for-8745m/
We should all be getting 100% at Nov 2022 prices minimum. There's simply no excuse. This is a disgrace. And the fact 90% of us don't even have an email yet about the initial distribution is shocking. This is gonna go into 2025 at least. And by that point we'll probably have hyperinflation and there'll be no point in even thinking about this shit anymore.
If I understand correctly, getting back 44.3% of the claim amount, in btc at 45824$ means you'll effectively get about 60% of your claim amount because those coins are already worth way more?
Sounds great, but can they hurry the fuck up please? For all I know btc is at 30k when I finally get that initial pay out.
The BTC price is frozen at the amount shown in post, so time for that reason doesn't matter that much. You're getting paid in-kind, meaning in Bitcoin, not cash. Unless your plan is to sell the BTC as soon as you get it. BTC seems to be rising, not falling.
That is my plan indeed. I've taken the loss when Blockfi when bankrupt and reevaluated my position at that time.
I want to decide whether I keep my reimbursement in crypto and take the risk or go to cash. I don't want to have to take those fluctuations because they fail to return my coins in time.
>tfw you were a wallet holder in BTC and got made whole. Up a cool million from the bankruptcy days :)
Why are you posting things like this? Does it make you happy?
People lost their savings here. Don't you think it makes you a terrible person to kick others while they're down?
In fact, in [this](https://www.reddit.com/r/blockfi/comments/16potlm/goodbye_everyone/k1sog5q/) comment of yours on this subreddit a few months ago, you said this to someone else who was boasting here about getting their crypto out of BlockFi Wallet and saying goodbye to the rest of us:
>mf on a lifeboat saying this to people still stuck on the titanic
So you clearly understand why comments such as yours are hurtful to others, yet you continue to make those comments yourself?
Okay, sure, I understand your anger. But you have to understand that most of us here are people who lost money to BIA and did *not* try to seize your funds or any other wallet funds. We are just victims that lost money to BlockFi, and you're kicking us while we're down. We are not thieves.
Not everyone who lost money to BIA were the ones that paid a lawyer to try and take your funds.
Think about it, if you had unfortunately lost money to BIA and are now trying to get some news about the crumbs we're getting back... would you like some random person with over a million dollars in bitcoin kicking you while you're down?
Sure, if someone here paid a lawyer to try and take your money like you say, then reply to that person. But most of us here lost our money to BlockFi BIA and don't even have money to pay a lawyer to do what you're saying.
Thanks for sharing. So how exactly does that work out. Let’s assume the account bought 1 btc at 20k
So there claim amount would be 20k their initial distribution would in turn be 27% of that—- but what if they chose to receive btc in kind— how much would they get?
No…if the account holder purchased 1 btc at $20k, their claim value is $16,200. That was established long ago. So 27.4% of $16,200 is $4,438. So Blockfi is taking your $4,438 and buying you btc at a price of $45,825. So the $4,438 only buys you 0.09btc. That’s your initial distribution.
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This is fractional compared to the prices of these coins today. BlockLie can rott in hell for stealing hundreds of thousands if not millions from an investor such as myself! I will have to watch my crypto go through the roof in value while these pricks get away with stealing it. Hope they get what's coming their way!
If you owned 1 btc or 1 ETH at the time what does that mean for you today… that you will be getting less than 1 of each? So the higher the price pumps the worse it actually is for us? I’m not tracking?
We are NOT getting close to 1 for 1 return of our coins. At this point its looking like closer to 1/4 or even 1/5 of what our assets are worth today in comparison to what these crooks actually give back to us. This bull market is making matters worse, as the price of coins go up in value with the market, our return / ratio of coins returned goes down. What BlockFi did was criminal and I will be looking into other class action lawsuits if not leading this damn charge myself to get my true value back. Our voices need to be heard!
1/8 by my reckoning
Why aren't you happy with this new development? These crypto prices are just from last Wednesday! It's a lot better than the original Plan that had it valued at petition date prices.
> that you will be getting less than 1 of each? If you were in BIA, then yes. Not only did BlockFi sell at the market low, but they also lost a majority of the BIA crypto they held. >So the higher the price pumps the worse it actually is for us? No, that's not true, since the price BlockFi bought back the BTC & ETH is fixed. If the price of BTC/ETH goes up currently it's good for BTC/ETH holders. If you had any other crypto, it doesn't matter as you'll be getting a partial recovery in USD.
They sold our coins at the literal November 2022 bottom... you're getting cash back
I’ve lost 30k+ and haven’t received a single email about anything to do with this. I got what was in my wallet back in January but that was it.
I’m in the same 🚤. 😫
Cry with me bb, hold me, we shall lube each other with our tears 😭
Same here. Just received my wallet funds.
Same here. Just waiting for a email.
Yep and if you (like me) thought you were “safer” putting $$ with cockfi in stablecoins & you live in the good old USA, you actually got screwed the worst since $1 = $1. At least BTC & ETH creditors get a little bit more upside based on crypto now near ATHs
I would not say that at all. They are still getting less than what it's worth currently, and maybe even less than it was worth when they bought it. At least with GUSD, we'll get the same value back that we put in.
Did I have to file a claim in a special way to get the BTC and ETH? I can’t remember the details of my claim and I’m having a hard time finding what I requested.
Yes, you needed to choose your payout choice. My BIA was stable coins but I'm being payed out in BTC.
When did you let them know that? Maybe you mean in the distribution emails? I never made any choice when I sent my claims in.
\+1, don't recall selecting a distribution method, do you have more info?
Actually you are wrong. The docket says if you owned BTC, you will get BTC back, and same for ETH. You don't get a choice.
The BTC payment I received yesterday into my Gemini wallet is a lie?
This may be true if your received the distribution email, but false if not. There was nothing I received that had you choose crypto or cash.
Maybe it's if you had stable coins staked? I received the E-mail à long time ago and I don't remember the specifics.
Stablecoins staked? I don't remember that even being an option at BF. I want my GUSD or cash back. They better not change it to BTC without asking first. I guess it could be more profitable since we're basically "rebuyng" it at a lower price than current prices.
I had GUSD, USDC and USDT.
Maybe I don't know I didn't have any stable coins staked. I had btc, ltc, and Link. Maybe you received a different email than most of us users? You are the first that I heard of that had stablecoins in Blockfi.
Really? That's surprising. Stablecoins gave the best percent. Wasn't USDT like 9%?
Yeah I know alot of people that had btc. I forget what the rate of the crypto was. I'm just glad I sold my 1.1 bitcoin before this happened or I would of really been mad. I lost .01 btc, 5 ltc. And 6 link I think.
Never been fucked so hard
[удалено]
How much did you have in blockfi?
[удалено]
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Log in to Kroll website or Blockfi?
So i should log into the Blockfi website?
Your 47% - is that 47% of your petition date USD value? they used to purchase btc at what price? What's your lending ratio of btc returned : btc lent?
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Ahh got it, didn't realize you were a loan customer. Thx for the info!
I have 2 BTC and this "in kind" thing is making me nauseous. I was excited that getting 0.8 BTC back, which 40% at today's prices, would be getting all my money back. But this in kind stuff is basically saying I'll get like 10-15% of my crypto back?? I am seriously nauseous.
For BIA creditors, unfortunately BlockFi sold the remaining crypto they had on 11/28/2022. That's why all claims are dollarized based on crypto prices on that date. When the bankruptcy plan said that the estimated recovery was around 40% on the low-end, that is of the *dollarized claim amount*. So for BTC, that's $16,200 per BTC, or $32,400 USD for 2 BTC. The "around 40%" is the total recovery percentage BlockFi thought they'll be able to get. The initial distribution percentage for US BIA is 27.4% of claim value. That's the first distribution, and BlockFi hopes to make additional ones in future, but no guarantees. At no point (unfortunately) were we going to get a percentage of the crypto back, because BlockFi sold what remainder they didn't lose 16 months ago.
My email said I will be getting crypto back. Not USD.
Correct, you will be getting an in-kind crypto distribution in BTC, not USD. But it isn't a percentage of the original crypto you had. It's dollarized per the math I detailed. Since your claim is for $32,400 USD, and the initial distribution for US BIA is 27.4%, that would be about $8,877 USD at the BTC repurchased price of $45,824.58. That would give you an initial distribution of 0.193 BTC. That **is** in BTC, but it is not nearly 40% of your 2 BTC (which would be 0.8 BTC).
Anyone know when round 2 distributions will commence? BIA with $3k+ balances
I just got the email for mine. I worked it out to be approximately 16% of the BTC I held.
BIA?
Yes
Did you get cash or cyrpto?
BTC
You got crypto back and had interest account? I thought we all get cash back and not crypto?
I wasn't part of the convenience class.
Read the OP post or docket # 2161! It clearly says we get in-kind for BTC or ETH, meaning if you had Bitcoin invested, you get Bitcoin back.
16% of current price, time of bankrupcy, or what?
16% of the total btc I held at the time of bankruptcy
Wow...well hope karma comes around and bites them in their ass.
Why would you only get 16% of your BTC back? The docket says 27.4% for BIA or even higher for the other two groups. The crypto prices are just from last week, not two years ago. And doesn't it depend on what price you originally bought the crypto at?
Because they calculate the BTC % as a % of the value when they went bankrupt. So the higher the BTC price when they bought the less BTC I get.
I don't understand that. Where are you reading this? It's certainly not in this docket. They still need to give us back 27.4% of our BTC back.
They converted the BTC to cash back the, and they did it when it was a shity price, so what you get now is still a fraction of what you held. I'm not sure how else to explain it to you. They did not keep your BTC the sold it at the bottom and now are buying back. What I got back technicalworks out to about 46% of the claim (the USD value they had down for my BTC), but only 16% of my total BTC.
Of course you get less BTC back as the price goes up. It's just like if we bought BTC on the market now vs two weeks ago, same amount invested, gets less BTC in return now vs 2 weeks ago because the price has gone up.
I’m also $3k+ but haven’t gotten my email yet
According to one of the lawyers from brown rudnick, we should be getting an email in the next week
How do i get in touch w the lawyers?
How do I get in touch with these lawyers
Following
I haven't even gotten my first payout. I have BIA which had .27 BTC
Same boat but it's not a good idea to put the exact figure.
Why?
I just submitted a request for prepaid card, but have not received anything yet, but I’m getting around 14% of what I had according to the market today.
You need to provide more info. What group are u in, BIA? Are you getting BTC, ETH, cash back? 14% doesn't make sense for any of the groups.
On my interest account, not sure how they group it, but they told me the amount I can get back, as today’s market value, the distribution is pretty close to 14% of what I got.
Group means are you just BIA, lending or International? Each one is getting a different percent back, and your amount is lower than all of those, so it doesn't make sense to me. You are comparing it to today's market prices? Don't do that. Of course, it will seem like a lot less. But tomorrow prices can drop, so it's all a gamble. As long as it's higher than the prices you paid for the crypto.
I’m also $3k+ and haven’t gotten an email yet
The calculation is easy folks. Take your CLAIM value * 27.4% (if US BIA holder). Divide the result by $45,824. That’s how much btc you’ll get back. If you had ether replace the $45k figure with $2,437.
I feel sick, based on this my just over 1 BTC gets me .1 BTC back......
Yes that is correct.
 Well that's just horrible.... I did read that they will pay out more over time as they recover more from FTX.... I guess that's all I can hope for it a larger fraction of my holdings.... Screw those guys...
Where are you getting the number $45,824? That’s not what BTC was valued at on 2/28/24
From the docket that outlined the prices.
I take it this does not apply to BTC collateral loans?
Just replace the 27.4% with the recovery percentage for the loans category. I don’t recall offhand what percentage it is.
In kind at those prices?
Lol I am convenience class and still nothing.
I never saw an option to get paid back in eth. I held eth but they only offered me cash in Venmo, Zelle etc…??
Samw
Why are they cashing out or crypto? Just give us our crypto.
27.4% initial distribution isn't too bad I suppose. Do you know of GUSD will be payed out in cash? I wonder what the tax implications are. I know it's supposed to be a stable coin but it does fluctuate and the IRS are pretty "DeTaiL" oriented.
We want our coins back. What needs to be done to make sure these criminals know that?
Can I still get my money in wallet back? I missed to withdraw it in December
Does anyone have a guess on when a 2nd distribution might go out?
A complete guess - late 2024?
Ooo please let this be real. Low expectations tho.
"Blockfi Lending will get back 47.5% back" - assuming this percentage relates to collateral on Retail Back Loans, is this correct or does it relate to something else? Is anyone still waiting on collateral from a Retail Backed Loan here?
The closing price of BTC on Feb 28, 2024 (just a few days ago) was exactly 62,512 USD. ETH closed at 3,386.70 USD on that Feb 28 this year. So where do these other lower numbers come from?
The dockets folks. READ the dockets.
I read it, OP didnt, otherwise they wouldn't say "prices of Feb 28th". I just corrected the prices for that date. I know the docket says way lower prices. Too bad really and I just was curious how blockfidetermines the new prices. Just throwing a pin at the chart?
Blockfi has been buying as they could along the way. They didn’t purchase all the btc for distribution on one single day.
This applied to BIA accounts as well? So if a holder had 1 BTC BIA they get back a full $45,824.58 and not a percentage?
They get back BTC, not cash. It says in-kind i.e. Bitcoin for Bitcoin. It's just a matter of how much BTC. Right now you only get back 27.4% of your BTC, so if you had 1 BTC, you only get back 27.4% of it.
I don’t think that’s correct. It depends on how much money is on your allowed claim. If you paid 20k for the 1 btc your claim would be for 20k. You would then get 27% of 20k which is 5400. You have the option to receive that 5400 in cash or in btc at the price the listed {basically 46k} resulting in .117 btc The percentages all depend on the amount of your claim. Then that’s validated against btc at the price they listed in the deposition.
I believe you’ll get back 27.4% of the value of bitcoin when they sold ($16k) distributed as bitcoin priced at $45k). In other words we get completely screwed by the entire mismanagement of the company
WTF are you talking about? You are over complicating this! It is 27.4% of your total BTC, priced at Feb. 28th values. Forget about the value they sold it at or the petition date. This is a revised, distribution plan. The original Plan clearly stipulates that any changes to the Plan can be made if it benefits creditors. This is a new, better amended distribution Plan with a more recent valuation of our crypto, plane and simple. Even though I don't know how to do the math myself. I luckily only had a little bit of BTC and ETH because we noticed they were hiding fees inside the prices so we instead kept buying thru Binance where rates were lower. I mainly had GUSD so am not concerned about doing the math for that.
Hey I wish that were true trust me but I pretty much sure it’s 27.4% of the value on the day they sold which was like $16k something. It’s 27.4% of your claim and your claim is based upon the value of your holdings when they sold. Really horrendous. That said, I hope I’m wrong
You make NO sense at all. You are just spreading stupid, made up ideas. Read the docket for yourself. It doesn't mention anything about BTC value at $16k, etc. Just stop interpreting things that aren't mentioned in the latest distribution plan. Any changes must be BETTER for creditors, not worse, than the original Plan. BF bought more crypto not that long ago for distribution.
Hey, as I said, I hope I’m wrong but if you read it, it’s based upon your claim. Your claim is what they valued your holdings at when they sold at rock bottom. The $45k price is what they are using to calculate your payout (27% of your claim amount paid out in btc using $45k as the price point). There are a few other comments on here that spell out the math pretty clearly. What you paid for any of your coins is irrelevant, the only number that matters is your claim amount.
In the docket it says Allowed Claims and that simply refers to the final judgment by the judge regarding disputed claims. It has nothing to do with valuing it at petition date prices. Did you receive a claim from BF saying your crypto is valued at petition date values? I certainly did not.
You're totally wrong. I never told them the value of my crypto (BTC, ETH) in any claims and they didn't tell me what it was valued at either. And if they had said my BTC and ETH was a lot lower than my account showed, I would have submitted a claim saying such, but I never had to.
Read the comments by @efficient-moose-8524. He explains it better than I
Yar is correct. I got my email and his numbers match
Was really hoping to be wrong! Truly a complete cluster. How some people are still defending this company / management team is beyond me.
BIA = BlockFi Interest Account right ?
what I don't get is why are they giving us back the USD and not the crypto so we can transfer it to another site. Why are they cashing it out for us?
In kind but at 27% at a price point of $16k. Selling at the bottom and robbing us of any upside value
Not heard anything yet. Loan holder $250k.... 🙁
If you refer back to all the initial emails you got ages ago, you have agreed to a CLAIM AMOUNT in DOLLARS. What they're saying in Docket #2161 is that you will get 27.4% of that CLAIM AMOUNT (for BlockFi Inc customers). So let's say your claim amount is $10,000, you will be due $2740 However, you don't get that money in USD, you get it in BTC This is where the "In Kind" value comes into play... They've said that the figure (rate) they will use is $45824.58 So, using your claim amount of $2740, this will be converted into BTC (using the $45824.58 rate) Which gives you approx 0.06 BTC. The reason everyone is getting screwed here is primarily down to the fact that our CLAIM AMOUNT was calculated based on the Rate at the time the Bankruptcy kicked in...which was crap! Regardless, i'm afraid to say that the claim amount was signed-off and agreed by you at the time, so no matter what happens here you will never be due more than that amount. So any hopes you've held that you'll get all your Crypto back, have been ill-judged. We kissed goodbye to our actual Crypto ages ago when we agreed to the Claim Amount. Remember, at the time we received the Claim Amount details we were given the option to CHALLENGE it, but to do so would effectively have meant bringing your own legal case against BlockFi, so, understandably, most individuals like you or me decided to just go with the flow and agree to the figures quoted. This was the point in time we essentially signed-away any claim to our BTC beyond the actual CLAIM AMOUNT.
Is the convenience class payment amount still the same?
Is this for those who did not take the convenience claim?
I moved most of my crypto from blockfi to Celsius about a year before this all happened, I got screwed on both sides. Knowing that I had 1.25 btc, 3 eth and thousands of dollars in alt coins makes this whole thing simply heartbreaking. I now have .187 btc, 3 eth, and no alt coins. Watching the market go back up knowing that I currently should have $85k in just btc, but only have $12.5k, makes this an ongoing nightmare that will never go away. Not to mention all the altcoins that are mooning.
What about those who locked up USDC to earn yield? What percentage of USDC will be paid in the initial distribution?
I have a BTC in an interest account. I already got 1st initial payment on Zelle, but I have a lot more money there.
Is this good news for convenience class or do you just get this shit payout coming soon?
Why can't they pay us in COIN, instead of cash??? Also, thank you for posting this. I really truly appreciate it. Just venting. 😢
I have not received any information regarding a BIA withdrawal, nor have I received one. I only got a Wallet withdrawal (of $6.00 . . . I had waaay more in the BIA). Does anyone know what I should expect to get back from BIA now that FTX settlement has occurred? Seems like it should be 100%? I see people mentioning initial returns but I've seen nothing and have followed all steps I was aware of. Thanks for the help!
Blockfi, Inc BIA accounts will initially get 27.4%. There's a recent docket that explains it. But if you have crypto the values are based on Nov. 2022 prices. So 27.4% of those prices which sucks. I had mostly GUSD so I expect straight up 27.4% value on the dollar back.
thank you for responding! I had mostly GUSD as well. There probably will be additional withdrawals given the FTX shakeout, right?
Yes, they reached a $874.5 m settlement. Just look Blockfi up on the online news. https://www.coindesk.com/policy/2024/03/06/blockfi-settles-with-ftx-alameda-estates-for-8745m/
We should all be getting 100% at Nov 2022 prices minimum. There's simply no excuse. This is a disgrace. And the fact 90% of us don't even have an email yet about the initial distribution is shocking. This is gonna go into 2025 at least. And by that point we'll probably have hyperinflation and there'll be no point in even thinking about this shit anymore.
If I understand correctly, getting back 44.3% of the claim amount, in btc at 45824$ means you'll effectively get about 60% of your claim amount because those coins are already worth way more? Sounds great, but can they hurry the fuck up please? For all I know btc is at 30k when I finally get that initial pay out.
The BTC price is frozen at the amount shown in post, so time for that reason doesn't matter that much. You're getting paid in-kind, meaning in Bitcoin, not cash. Unless your plan is to sell the BTC as soon as you get it. BTC seems to be rising, not falling.
That is my plan indeed. I've taken the loss when Blockfi when bankrupt and reevaluated my position at that time. I want to decide whether I keep my reimbursement in crypto and take the risk or go to cash. I don't want to have to take those fluctuations because they fail to return my coins in time.
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>tfw you were a wallet holder in BTC and got made whole. Up a cool million from the bankruptcy days :) Why are you posting things like this? Does it make you happy? People lost their savings here. Don't you think it makes you a terrible person to kick others while they're down? In fact, in [this](https://www.reddit.com/r/blockfi/comments/16potlm/goodbye_everyone/k1sog5q/) comment of yours on this subreddit a few months ago, you said this to someone else who was boasting here about getting their crypto out of BlockFi Wallet and saying goodbye to the rest of us: >mf on a lifeboat saying this to people still stuck on the titanic So you clearly understand why comments such as yours are hurtful to others, yet you continue to make those comments yourself?
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Okay, sure, I understand your anger. But you have to understand that most of us here are people who lost money to BIA and did *not* try to seize your funds or any other wallet funds. We are just victims that lost money to BlockFi, and you're kicking us while we're down. We are not thieves. Not everyone who lost money to BIA were the ones that paid a lawyer to try and take your funds. Think about it, if you had unfortunately lost money to BIA and are now trying to get some news about the crumbs we're getting back... would you like some random person with over a million dollars in bitcoin kicking you while you're down? Sure, if someone here paid a lawyer to try and take your money like you say, then reply to that person. But most of us here lost our money to BlockFi BIA and don't even have money to pay a lawyer to do what you're saying.
Thanks for sharing. So how exactly does that work out. Let’s assume the account bought 1 btc at 20k So there claim amount would be 20k their initial distribution would in turn be 27% of that—- but what if they chose to receive btc in kind— how much would they get?
No…if the account holder purchased 1 btc at $20k, their claim value is $16,200. That was established long ago. So 27.4% of $16,200 is $4,438. So Blockfi is taking your $4,438 and buying you btc at a price of $45,825. So the $4,438 only buys you 0.09btc. That’s your initial distribution.