{"id":54934,"date":"2023-08-30T13:52:18","date_gmt":"2023-08-30T17:52:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/blockfi-seeks-court-approval-to-convert-users-trade-only-wallet-assets-to-withdrawable-stablecoins\/"},"modified":"2023-08-30T13:52:21","modified_gmt":"2023-08-30T17:52:21","slug":"blockfi-seeks-court-approval-to-convert-users-trade-only-wallet-assets-to-withdrawable-stablecoins","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=54934","title":{"rendered":"BlockFi Seeks Court Approval to Convert Users\u2019 \u201cTrade-Only\u201d Wallet Assets to Withdrawable Stablecoins"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">Bankrupt crypto lender <strong>BlockFi<\/strong> has filed a motion for order in the US bankruptcy court for the District of New Jersey, seeking permission to convert &#8220;trade-only&#8221; wallet assets into stablecoins, \u201cthat wallet users could then withdraw.\u201d<\/p>\n<p style=\"text-align:justify;\">According to the proposal, these assets comprise less than one-half of a percent (0.5%) of all wallet addresses of BlockFi users in the US. The assets include Algorand (ALGO), Bitcoin Cash (BCH), and Dogecoin (DOGE).<\/p>\n<p style=\"text-align:justify;\">Simply put, trade-only tokens are available to trade on different markets on Spot and Margin, however, their wallets are disabled.<\/p>\n<p style=\"text-align:justify;\">BlockFi states that these assets are currently not available for withdrawal due to practical limitations. As a result, the troubled crypto lender suggests a one-time exchange of the trade-only assets for Gemini Dollar (GUSD) or other stablecoins of BlockFi\u2019s choosing.<\/p>\n<p style=\"text-align:justify;\">Digital assets including Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polygon (MATIC), and other trade-only assets are being held separately by BlockFi International.<\/p>\n<blockquote>\n<p style=\"text-align:justify;\">\u201c[The move] will allow for a comprehensive withdrawal process for all wallet assets.\u201d<\/p>\n<\/blockquote>\n<p style=\"text-align:justify;\">A hearing date for the appeal hasn\u2019t been announced yet. BlockFi will provide prior notice to affected clients that hold trade-only assets.<\/p>\n<h2 style=\"text-align:justify;\">BlockFi Permits Crypto Withdrawals<\/h2>\n<p style=\"text-align:justify;\">The New Jersey-based company, on Aug. 17, announced that it is enabling crypto withdrawals for eligible user wallets in the US in a move to comply with the court order.<\/p>\n<p style=\"text-align:justify;\">At the time, \u2018eligible clients\u2019 include U.S.-based BlockFi Wallet account holders who did not withdraw or transfer over $7,575 worth of crypto assets like Bitcoin (BTC) and Ether (ETH) and did not hold any trade-only assets.<\/p>\n<p style=\"text-align:justify;\">BlockFi has also recently challenged the infamous FTX exchange, Three Arrows Capital (3AC), over a re-payment dispute. Per the court filing last week, BlockFi accused both the firms of victimizing the company, claiming that they are not entitled to $5 billion that they are still recovering.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/blockfi-seeks-court-approval-to-convert-users-trade-only-wallet-assets-to-withdrawable-stablecoins.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bankrupt crypto lender BlockFi has filed a motion for order in the US bankruptcy court for the District of New Jersey, seeking permission to convert &#8220;trade-only&#8221; wallet assets into stablecoins, \u201cthat wallet users could then withdraw.\u201d According to the proposal, these assets comprise less than one-half of a percent (0.5%) of all wallet addresses of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54935,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-54934","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlockFi Seeks Court Approval to Convert Users\u2019 \u201cTrade-Only\u201d Wallet Assets to Withdrawable Stablecoins | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Bankrupt crypto lender BlockFi has filed a motion for order in the US bankruptcy court for the District of New Jersey, seeking permission to convert\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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