Ruth K. Says:
Hi Jeff,
Thanks for the alerts about BlockFi. I got some Bitcoin out of my wallet, but still have a very small piece of Bitcoin and some Ethereum there. How should I proceed?
Personal Finance Expert Jeff D. Opdyke Says:
Hi Ruth,
Kudos for getting your Bitcoin out! As you know, the digital asset lender BlockFI declared bankruptcy so anything you can do to recover your assets early is a good move.
It has certainly been a tumultuous 18 months or so in the crypto market—though it certainly seems the industry is suddenly looking very bright again these days.
Regarding your Bitcoin and Ethereum in your BlockFi Interest Account: BlockFi is still working off all the details for accessing assets still in those accounts.
They’ve been sending out emails every few weeks or so to explain what’s going on. You might have them in your spam folder from a company called Kroll.
But beware that there are some spoof emails that have shown up as well, trying to get people to divulge their account details in order to claim the money when it’s released.
My suggestion: Read those emails, but do NOT click on any links. Go directly to your account and log in from there to do anything that needs to be done.
In short: BlockFi will be releasing the funds soon. I am not sure yet if they are sending back crypto, or the U.S. dollar value of the crypto you had on deposit when BlockFi went pear-shaped during the crypto crash.
Either way, you will be getting back 100% of what you had at that time.
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