Blockfi Receives $250M USDC Deposit, Sparking Hopes for Creditor Repayments

Onchain data reveals that Blockfi, a now-bankrupt crypto lending firm, received a hefty $250 million deposit (1, 2) to one of its flagged addresses, as reported by Arkham Intelligence. The news was shared on X at 12:43 p.m. EDT on Monday. “Blockfi received $250M in USDC from Coinbase Prime, bringing their onchain holdings up to $300M,” Arkham posted. They followed up by asking, “Will creditor repayments be starting soon?” Blockfi’s downfall was deeply connected to the collapse of FTX. In response, the firm filed a Chapter 11 plan with the goal of restructuring independently, aiming to give customers “as close to a full recovery as possible.” With Blockfi now in the post-bankruptcy wind-down phase, creditors are eager for payments to begin soon.