Bankrupt lender, BlockFi, files to convert “trade-only” tokens into stablecoins
BlockFi, the now-defunct crypto lending company, has filed a court application to move “ trade- only” assets from users’ accounts to stablecoin s. This move follows the company’s ongoing efforts initiated in August to return users’ funds after previously closing withdrawals. BlockFi filed an application on Aug. 29 to the United States Bankruptcy Court for the District of New Jersey to authorize the conversion of trade- only assets into stablecoin s, including Algorand’s native token (ALGO), Bitcoin Cash (BCH), and Dogecoin (DOGE). Since these assets can’t be withdrawn easily, BlockFi is proposing a one-time exchange for Gemini Dollar (GSD) or a similar stablecoin. However, it is worth noting that this suggestion comes separate from the other trade-only assets that were available on the platform, including Cardano (ADA), Solana (SOL) and Avalanche (AVAX), which are held by BlockFi International. You might also like...