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BlockFi to Perform Updates Before Distributing Funds to Users

BlockFi, the bankrupt lending platform, has announced that it needs to perform updates before it can distribute funds to users. The company stated that a court order on June 9th allowed for certain withdrawals, but upgrades are necessary to conduct withdrawals accurately and safely.

BlockFi plans to complete the upgrades over the summer and will support crypto withdrawals, advising users to set up external addresses for withdrawals. The company owes between $1 billion and $10 billion to its creditors and the bankruptcy case has been ongoing since November 2022.

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