An announcement was made by BlockFi, a Crypto lender currently facing liquidation, stating that it will collaborate with Coinbase to allow eligible clients to withdraw their crypto as part of the bankruptcy process. BlockFi's web platform will be shut down in May 2024. Information regarding the specific end date of operations will be provided in the near future.

A procedure has been established for users who fail to withdraw their crypto by April 28, 2024, or complete identity verification by May 10, 2024. Instead of converting their crypto to cash, these clients will have their assets transferred to Coinbase.

To cash out their crypto using Coinbase, clients can either create a new account on the platform or use their existing one. If clients miss the deadlines or do not have a Coinbase account, they will receive their funds in cash.

Through the partnership between BlockFi and Coinbase, clients can still access their crypto holdings even after the platform closes. BlockFi has made it clear that they are not responsible for any scams and emphasized that they are not affiliated with any other crypto platforms.