• About Us
  • Careers
  • Contact
No Result
View All Result
Friday, June 27, 2025
DeFi Planet
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
  • News
    • People
    • Business
    • Crime
    • Regulation
    • Crypto
    • CBDC
  • Markets
    • Bitcoin
    • Ethereum
    • Stablecoins
    • Altcoins
    • Crypto ETFs
    • Memecoins
  • Policy
  • Articles
    • Press Releases
    • Opinion
    • Explainers
    • Guest Post
    • Sponsored
  • Directory
    • Companies
    • People
    • Products
    • Wallets
  • Multimedia
    • Videos
    • Podcasts
  • Learn
    • DeFi Basics
    • Tutorials
    • Reviews
    • Blockchain Fundamentals
  • Research
    • Case Studies
  • Explore
    • DeFi
    • Crypto Gaming
    • NFT
    • DAO
    • Metaverses
  • Jobs
  • Markets Pro
    • DeFi Planet Pro
    • Spend Crypto
    • Swap Crypto
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result

BlockFi to Refund California Clients Over $100K for Loan Repayment

28 March 2023
in Latest News, News
Reading Time: 3 mins read
106 2
Home News Latest News

Defunct cryptocurrency lender, BlockFi, has agreed to reimburse over $100,000 to its California clients, who continued to repay loans despite a trading suspension on November 10, 2022.

On March 27, 2023, the Department of Financial Protection and Innovation (DFPI), California’s financial watchdog, reported that their investigation revealed that at least 111 borrowers in California had made loan repayments totalling around $103,471 between November 11, 2022, and November 22, 2022, despite a trading suspension. The agency alleges that BlockFi failed to provide timely notice to borrowers that they could stop repaying their loans.

Californian @BlockFi users: BlockFi to refund over $100k after failing to notify borrowers about halting repayments post-FTX crash. The motion was filed, with a hearing set for April 19, 2023. Updates to follow. More info: https://t.co/bJkiyfgA1b #FTX #BlockFi #CryptoRefund pic.twitter.com/u0QpwY6oou

— CA Department of Financial Protection & Innovation (@CaliforniaDFPI) March 27, 2023

According to the DFPI’s report, BlockFi has filed a motion with the bankruptcy court seeking authorization to instruct its servicer to refund these loan repayments. The hearing is scheduled for April 19, 2023.

The refunds result from BlockFi’s actions during the crash of the FTX cryptocurrency exchange. Due to its exposure to FTX, BlockFi halted operations on its platform and prohibited consumer withdrawals on November 10, 2022. On November 28, 2022, BlockFi filed for Chapter 11 bankruptcy. However, the company failed to promptly inform borrowers that they could stop repaying their debts.

On November 11, 2022, Clothilde V. Hewlett, the Commissioner of the Department of Financial Protection and Innovation (DFPI), suspended BlockFi’s lending license for 30 days. On December 15, 2022, the Commissioner took further action by moving to revoke the suspended license. The company agreed to the temporary suspension while its insolvency and revocation proceedings are ongoing.

The regulator stated that BlockFi’s acceptance of the temporary suspension means that it will continue to instruct its agents to stop collecting loan and interest payments from California customers as well as refrain from charging, levying, or assessing any late fees related to payments, including those due at maturity.

It was earlier reported that BlockFi announced that it would release a comprehensive financial analysis detailing its assets, liabilities, and general financial situation, including any transactions leading up to the bankruptcy on January 11, 2023. 

One of the crucial documents that BlockFi will need to provide is the Schedule of Assets and Liabilities, which lists all the assets and liabilities held by the company. This document will aid the court in understanding the company’s complete financial status, enabling them to determine the optimal strategy for restructuring or selling the company’s assets.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”

 

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: BlockFi
Share63Tweet39Share11
Previous Post

Binance Witnesses $1B in Withdrawals Amidst CFTC Indictment

Next Post

New Vulnerability Reports Force THORChain Mainnet to Pause Operations

Durotimi Aribisala

Durotimi Aribisala

Durotimi is a writer who is interested in writing about emerging technologies such as blockchain, Web3, crypto, and AI. He studied business administration and management. He desires to be an entrepreneur and movie director sometime in the future.

Related Posts

source: news.bitcoin.com
Crypto

BloFin Expands Derivatives Lineup with Coin-Margined Perpetual Contracts

27 June 2025
sourcce: vecteezy.com
Bitcoin

Bitcoin Solaris Named Most Undervalued Presale by Live Coin Watch

27 June 2025
pymnts.com
News

US Senate Targets September for Landmark Crypto Market Structure Legislation

27 June 2025
source: wamda.com
Crypto

Resolv Protocol Repurchases Tokens Amid Market Drop, Denies Internal Sell-Off Rumors

27 June 2025

Featured Posts

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

Has Web3 Failed to Protect the Core Innovations of Crypto and DeFi?

byOlajumoke Oyaleke
15 June 2025
0

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

Are Green Cryptocurrencies the Future of Blockchain Sustainability?

byOlayinka Sodiq
12 June 2025
0

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

Web3 Gaming’s Scaling Crisis: Why Innovation Alone Isn’t Enough

byOlayinka Sodiq
10 June 2025
0

What Is Price Slippage in Crypto & How Can You Avoid It

What Is Price Slippage in Crypto & How Can You Avoid It

byOlayinka Sodiq
4 June 2025
0

The Rise of Decentralized Identity Solutions in DeFi

The Rise of Decentralized Identity Solutions in DeFi

byOlayinka Sodiq
20 October 2024
0

Read More

Chain of Thoughts

Are Stablecoins Bank Deposits?

Are Stablecoins Bank Deposits?

byOlu Omoyele
31 May 2025
0

...

DAOs and the Coordination of Human Endeavour

DAOs and The Coordination of Human Endeavour

byOlu Omoyele
27 April 2025
0

...

Should DeFi Be Regulated?

Should DeFi Be Regulated?

byOlu Omoyele
27 March 2025
0

...

Is Tokenization All That It’s Cracked Up To Be?

Is Tokenization All That It’s Cracked Up To Be?

byOlu Omoyele
26 February 2025
0

...

Markets Update

Your Weekend Crypto Roundup | June 2025 (Week 4)

3 hours ago

What South Korea’s Crypto Strategy Signals for the Next Bull Run?

1 day ago

Why Crypto Projects Are Choosing MiCA Over the US, Even With Regulatory Support on the Rise

1 day ago

Tokenized Treasuries vs. Stablecoins: Where Will Institutional Capital Flow?

1 day ago

Ethereum Transaction Fees Plunge to 5-Year Low Amid Network Lull: What This Means for the Crypto Market

1 day ago

First XRP ETF Approved on Toronto Stock Exchange— Is This a Green Light for XRP ETF Approvals in More Countries?

3 days ago
Read More

Events

  • No events
  • Spotlight

    All about Ethereum
    All about Algorand
    All about Bitcoin
    All about Gora

    Press Releases

    Bybit Expands Global Reach with Credit Card Crypto Purchases in 25+ Currencies and Cashback Rewards

    bychainwire
    27 June 2025
    0

    BYDFi Joins Seoul Meta Week 2025, Advancing Web3 Vision and South Korea Strategy

    bychainwire
    27 June 2025
    0

    The Rise of AI Beings: CARV’s New Roadmap Signals Next Wave of Web3 AI

    bychainwire
    27 June 2025
    0

    Weed® Announces Partnership with Khalifa Kush; Launches Global Commercialization

    bychainwire
    26 June 2025
    0

    GBM Launches Auction Festival with The Sandbox, Aavegotchi, Unstoppable Domains, and More

    bychainwire
    26 June 2025
    0

    Read More

    ADVERTISING

    ABOUT

    TEAM

    CAREERS

    CONTACT

    TERMS & CONDITIONS

    PRIVACY POLICY

    © Copyright 2025 DeFi Planet

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.

    Add New Playlist

    No Result
    View All Result
    • News
      • People
      • Business
      • Crime
      • Regulation
      • Crypto
      • CBDC
    • Markets
      • Bitcoin
      • Ethereum
      • Stablecoins
      • Altcoins
      • Crypto ETFs
      • Memecoins
    • Policy
    • Articles
      • Press Releases
      • Opinion
      • Explainers
      • Guest Post
      • Sponsored
    • Directory
      • Companies
      • People
      • Products
      • Wallets
    • Multimedia
      • Videos
      • Podcasts
    • Learn
      • DeFi Basics
      • Tutorials
      • Reviews
      • Blockchain Fundamentals
    • Research
      • Case Studies
    • Explore
      • DeFi
      • Crypto Gaming
      • NFT
      • DAO
      • Metaverses
    • Jobs
    • Markets Pro
      • DeFi Planet Pro
      • Spend Crypto
      • Swap Crypto
      • Coin Prices
      • Crypto Exchanges
      • Crypto Analyzer

    © Copyright 2024 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

    -
    00:00
    00:00

    Queue

    Update Required Flash plugin
    -
    00:00
    00:00