BlockFi is in a last-minute scramble to get crypto back into the hands of former customers, but with a May 15th deadline fast approaching, a surprisingly large chunk of change remains unclaimed.
The crypto lender announced in a blog post that it’s making a final push to distribute assets to everyone who’s owed, emphasizing the need for some users to complete a ‘Know Your Customer’ (KYC) identity verification to unlock their payouts. BlockFi assures customers they are working with security experts to confirm the legitimacy of this process.
The verification, requiring two forms of ID and about ten minutes of your time, shouldn’t be a shock to anyone; KYC was already part of the onboarding process to use BlockFi’s services initially. Once approved, clients can anticipate payments dropping into their accounts within 45 days, according to BlockFi.
Here’s the catch: the bankruptcy rulebook states that any assets not claimed by the May 15th deadline will be divvied up among other unsecured creditors, essentially leaving former customers out in the cold. For those who navigated the crypto lender’s collapse, completing a quick KYC now seems a small price to pay to recover what’s rightfully theirs.