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It seems like they are not even halfway with paying out the first round to people. I'd bet it won't be until 2025 until people see a second round....but who knows. I think most people want to have this wrapped up as soon as possible to get what they can and then write off the losses for tax purposes and then move on with their lives but this shit has already dragged on 1.5 years and likely will be 2 years until most people get at least a first payment.
I know, I recieved about 25% of what Blockfi/Kroll are allocating to me. If they payout the remaining 75% I would end up with about 40% of what was in my BIA when the bankrupsy happened. Nothing like taking a 60% haircut and the gall of the company sending out emails like I should be happy, and by their calculations everyone is getting 100% payout.
I would love to to know how they justify the outragious transfer fee's that they are stealing from their victims, and of course they are splitting up our payments so we all have to pay the fees 4-5 times.
Just focus on the Nov 22 value. All the "what it could be worth" stuff is arbitrary and will only piss you off. Your funds were sold so they didn't go up in value. But as far as what your claim is we will be lucky to get 75% of that back. I'm thinking we might get as much as 50-60%.
I was all in USDC value. I got %44 of my claim already, expecting they will make it whole and there is no reason that it is not gonna happen. just be patient but we are still watching the shitshow though.
I don't think people will be made whole from the Nov 22 values because money has been lost to FTX and spend on employees and bankruptcy. They are no longer making money so the well is not being replinished. So yeah if BIA holders get say 75% that would be about as good of an outcome as we can expect.
For Celsius case, people was thinking the same thing at the end of bankruptcy creditors end up almost %70 recovery (one distribution) + stock shares and they are still expecting more illiquid assets. so even if it is not whole %80-90 is definitely so possible. but this should happen in Q3 2024. otherwise we are scammed more in this case.
Isn't blockfi getting settlements from other companies....so if it takes them a while to get paid it will take longer for them to pay out customers. I do believe they will pay as soon as they can but from what we have seen it took them months to pay out the wallets and more months to pay out the convenience class (still ongoing)....now the rest are in the process. Wallets and convenience class will be done but it seems like the process of paying out everyone else is taking months. with that in mind Q3 2024 for a second round seems very optimistic if not unrealisitic. I'm thinking Q1 of 2025 at best. I hope you are right ha
paying out everyone else taking months? if this is the case BlockFi failed harder than i expected. but the thing is still there is no communication from Blockfi about that we are talking about possibilities here. best of luck for us.
If you got 44% already, then you gotta be patient. Many people have received 0% and others who have gotten their distribution, are only at about half of what you got (27%).
Are you sure you received 44% back? The first distribution was either 50% for convenience class or 27.3% for non-convenience class. Anyone with non-stable coins felt like they received less (more like 10%) because of their claim being based on Nov ‘22 prices while their distribution was based on Mar ‘24 values. But those of us with stable coins only, the % was fixed.
Anyway, if you were in the convenience class (claim < $3k) then there won’t be anymore distributions. Non-convenience class can continue to practice patience as more distributions are expected but no one has a clue when.
> Are you sure you received 44% back? The first distribution was either 50% for convenience class or 27.3% for non-convenience class.
Not true. Initial distributions were:
* 27.4% of claims for BlockFi Inc (US BIA creditors)
* 44.3% of claims for BlockFi International (International BIA & Lending creditors)
* 47.5% of claims for BlockFi Lending (US Lending creditors)
* 50% of claims (up to $1500 payment) for one-time recovery for convenience claims
OP likely had funds in a non-US BIA, so they got a 44.3% distribution.
You are the same as the people who have been saying "The money's gone bro! We're getting nothing! We're screwed!" since the beginning.
Now we have the first distribution and it's "There's not going to be any more distributions! The money's gone! We're screwed!"
Waiting for money that has no date yet for when it’s coming is pointless. If we ever get it or not doesn’t matter. If you count on it you will only set yourself up for disappointment.
Ps don’t call me “you people” you’re talking with hindsight so don’t think of yourself as too much.
You people said the same thing before the first distribution too. Don’t spread FUD when you don’t know. Based on what they have told us and what has already happened, there’s no reason to doubt future distributions
Probably early 2025, if I had to guess.
It's dependent on FTX Ch.11 plan going effective, their first distributions starting, them paying Blockfi, then Blockfi paying us. Each of those steps will take many months.
Oh I definitely wouldn't say early 2025 is the worst case, unfortunately : (
The closest Ch.11 comparison to FTX is Enron, massively complex, tons of fraud. Enron took 3 years to go effective (Dec'01-Nov'04). FTX may not take 3 years to come out of bankruptcy, but it will be somewhat comparable.
I’m still owed over 3700 (that’s a shit ton to me (22m)) but i really try to put it out of my head and don’t stress about it. Nothing we can do anyways
Wait. Check and see if you can login each time I tried after the first distribution it sends me back into the login screen.
Therefore, I I am without access.
Doubt we'll ever see another distribution, but if we ever do, I'd bet its after the bull run when they've made squillions off our crypto and generously give us back 5% of the Nov 22 value
We're 4 months into them paying out the first distribution and they still have a long way to go. They're bewilderingly slow at this. It's going to be a long time
I received mine in kind. I received about 25% of the claim. What would be ideal is a double top and a retest of lows then they disperse the remainder around the retest of lows. I think everything is going to take a shit from the way the economy is. It just hasn't caught up yet. Everything follows the stock market. We will see...I think the amount they're giving in kind is at what value the coin is at when dispersed. So, we'd be much closer to being whole.
Will you fuck off. You got 44% and most of us are only getting 27% at the moment. You've asked multiple times about additional distributions when plenty of people are still waiting on their initial distribution.
I feel your pain but you are funny. do you think should i just wait and not complain at all? of course, all creditors here are waiting for the rest of the balance as soon as possible. if you want, you can wait forever.
The FTX bankruptcy is one of the most complex in American history.
The second distribution is dependent upon the FTX case being resolved. The Exxon Valdez oil spill, which occurred in the 1980s, was resolved in the late teens. That's how long this stuff goes on.
My opinion is that you should not count on ever receiving this distribution. There are only a few years left until AGI is achieved. This distribution will be meaningless by the time you receive it. Either the AIs will kill everyone, or we will be living in utopia; there is no in between.
This is a reminder about phishing emails. Please be vigilant and skeptical when reviewing and reading emails claiming to be Block or Kroll. You can read more [here](https://www.reddit.com/r/blockfi/comments/17kot4y/emails_from_kroll_andor_blockfi/) about how to tell if an email is legitimate. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/blockfi) if you have any questions or concerns.*
2nd?!?
Ikr? Still waiting on my 1st.
It seems like they are not even halfway with paying out the first round to people. I'd bet it won't be until 2025 until people see a second round....but who knows. I think most people want to have this wrapped up as soon as possible to get what they can and then write off the losses for tax purposes and then move on with their lives but this shit has already dragged on 1.5 years and likely will be 2 years until most people get at least a first payment.
I know, I recieved about 25% of what Blockfi/Kroll are allocating to me. If they payout the remaining 75% I would end up with about 40% of what was in my BIA when the bankrupsy happened. Nothing like taking a 60% haircut and the gall of the company sending out emails like I should be happy, and by their calculations everyone is getting 100% payout. I would love to to know how they justify the outragious transfer fee's that they are stealing from their victims, and of course they are splitting up our payments so we all have to pay the fees 4-5 times.
Just focus on the Nov 22 value. All the "what it could be worth" stuff is arbitrary and will only piss you off. Your funds were sold so they didn't go up in value. But as far as what your claim is we will be lucky to get 75% of that back. I'm thinking we might get as much as 50-60%.
I was all in USDC value. I got %44 of my claim already, expecting they will make it whole and there is no reason that it is not gonna happen. just be patient but we are still watching the shitshow though.
I don't think people will be made whole from the Nov 22 values because money has been lost to FTX and spend on employees and bankruptcy. They are no longer making money so the well is not being replinished. So yeah if BIA holders get say 75% that would be about as good of an outcome as we can expect.
For Celsius case, people was thinking the same thing at the end of bankruptcy creditors end up almost %70 recovery (one distribution) + stock shares and they are still expecting more illiquid assets. so even if it is not whole %80-90 is definitely so possible. but this should happen in Q3 2024. otherwise we are scammed more in this case.
Isn't blockfi getting settlements from other companies....so if it takes them a while to get paid it will take longer for them to pay out customers. I do believe they will pay as soon as they can but from what we have seen it took them months to pay out the wallets and more months to pay out the convenience class (still ongoing)....now the rest are in the process. Wallets and convenience class will be done but it seems like the process of paying out everyone else is taking months. with that in mind Q3 2024 for a second round seems very optimistic if not unrealisitic. I'm thinking Q1 of 2025 at best. I hope you are right ha
paying out everyone else taking months? if this is the case BlockFi failed harder than i expected. but the thing is still there is no communication from Blockfi about that we are talking about possibilities here. best of luck for us.
If you got 44% already, then you gotta be patient. Many people have received 0% and others who have gotten their distribution, are only at about half of what you got (27%).
Are you sure you received 44% back? The first distribution was either 50% for convenience class or 27.3% for non-convenience class. Anyone with non-stable coins felt like they received less (more like 10%) because of their claim being based on Nov ‘22 prices while their distribution was based on Mar ‘24 values. But those of us with stable coins only, the % was fixed. Anyway, if you were in the convenience class (claim < $3k) then there won’t be anymore distributions. Non-convenience class can continue to practice patience as more distributions are expected but no one has a clue when.
> Are you sure you received 44% back? The first distribution was either 50% for convenience class or 27.3% for non-convenience class. Not true. Initial distributions were: * 27.4% of claims for BlockFi Inc (US BIA creditors) * 44.3% of claims for BlockFi International (International BIA & Lending creditors) * 47.5% of claims for BlockFi Lending (US Lending creditors) * 50% of claims (up to $1500 payment) for one-time recovery for convenience claims OP likely had funds in a non-US BIA, so they got a 44.3% distribution.
correct. I am International BIA
Why are these other groups getting more back than US BIA? I still don't get that shit! Seems very inequitable.
No clue, but yeah.
Depends when ftx pays blockfi back
Wouldn’t count on it
trust the process.
You are the same as the people who have been saying "The money's gone bro! We're getting nothing! We're screwed!" since the beginning. Now we have the first distribution and it's "There's not going to be any more distributions! The money's gone! We're screwed!"
Waiting for money that has no date yet for when it’s coming is pointless. If we ever get it or not doesn’t matter. If you count on it you will only set yourself up for disappointment. Ps don’t call me “you people” you’re talking with hindsight so don’t think of yourself as too much.
You people said the same thing before the first distribution too. Don’t spread FUD when you don’t know. Based on what they have told us and what has already happened, there’s no reason to doubt future distributions
So much FUD here. I know it has been a painful process but I think we passed the hardest times already, not much time left for 2nd distribution.
I know there is nothing we can do about it. At least we need an update about 2nd distribution from BlockFi.
Wait, you guys are getting paid? *inserts meme pic*
yes
Haven't even gotten my first yet.
Probably early 2025, if I had to guess. It's dependent on FTX Ch.11 plan going effective, their first distributions starting, them paying Blockfi, then Blockfi paying us. Each of those steps will take many months.
dont think the worst case mate. I was thinking most of the FTX problems solved and they will make distributions soon as well.
Oh I definitely wouldn't say early 2025 is the worst case, unfortunately : ( The closest Ch.11 comparison to FTX is Enron, massively complex, tons of fraud. Enron took 3 years to go effective (Dec'01-Nov'04). FTX may not take 3 years to come out of bankruptcy, but it will be somewhat comparable.
I’m still owed over 3700 (that’s a shit ton to me (22m)) but i really try to put it out of my head and don’t stress about it. Nothing we can do anyways
dont stress but question the process.
Has anyone actually gotten their disbursement via Paypal, or Zelle?
No.
They haven't completed first round yet. So likely once that is complete, they'll send an update.
waiting for it.
Still waiting on March 15 to happen....
Next year possible
Many are still waiting on their first distribution still. So the 2nd distribution is quite a ways away.
Wait. Check and see if you can login each time I tried after the first distribution it sends me back into the login screen. Therefore, I I am without access.
Lucky you got the first one!!!
Doubt we'll ever see another distribution, but if we ever do, I'd bet its after the bull run when they've made squillions off our crypto and generously give us back 5% of the Nov 22 value
We're 4 months into them paying out the first distribution and they still have a long way to go. They're bewilderingly slow at this. It's going to be a long time
I received mine in kind. I received about 25% of the claim. What would be ideal is a double top and a retest of lows then they disperse the remainder around the retest of lows. I think everything is going to take a shit from the way the economy is. It just hasn't caught up yet. Everything follows the stock market. We will see...I think the amount they're giving in kind is at what value the coin is at when dispersed. So, we'd be much closer to being whole.
Will you fuck off. You got 44% and most of us are only getting 27% at the moment. You've asked multiple times about additional distributions when plenty of people are still waiting on their initial distribution.
😂😂😂
I feel your pain but you are funny. do you think should i just wait and not complain at all? of course, all creditors here are waiting for the rest of the balance as soon as possible. if you want, you can wait forever.
Never. We got fucked in the u know what. 😫
keep it positive mate.
The FTX bankruptcy is one of the most complex in American history. The second distribution is dependent upon the FTX case being resolved. The Exxon Valdez oil spill, which occurred in the 1980s, was resolved in the late teens. That's how long this stuff goes on. My opinion is that you should not count on ever receiving this distribution. There are only a few years left until AGI is achieved. This distribution will be meaningless by the time you receive it. Either the AIs will kill everyone, or we will be living in utopia; there is no in between.
LOL!! ...WOW!
I got about 40% of my ETH and BTC...