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BlockFi to Reimburse Californians With Over $100,000

Cryptocurrency lending platform BlockFi has agreed to provide over $100,000 in refunds to Californian customers affected by the company's collapse. BlockFi filed for bankruptcy protection in November 2022, following severe turbulence caused by the Terra crash and the FTX meltdown. The Department of Financial Protection and Innovation has announced that BlockFi will reimburse Californian users who were not notified about the lender's issues and kept repaying their loans, despite being unable to withdraw funds and collateral from the platform. A hearing scheduled for mid-April will provide further details on the case.

(By Dimitar Dzhondzhorov)

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