Bankrupt cryptocurrency lending company BlockFi recently sent large amounts of coins to Kraken and other cryptocurrency exchanges. According to Etherscan data, 17 different cryptocurrencies worth a total of $48.37 million were included in the transfers made on February 21, 2024. This unexpected move aroused curiosity in the cryptocurrency exchange and brought with it many questions. Here are the coin transfers including LINK coin and 16 different altcoins…
LINK coin transfer attracted the most attention
The most striking among the transferred coins was a well-known coin. There were 2 million 402 thousand 945 Chainlink (LINK) worth 46.5 million dollars. This accounts for a large portion of the total cryptocurrency value transferred. Other transfers included more than 90 thousand Uniswap (UNI). There were also more than 16,500 Avalanche (AVAX) and more than 468 thousand Polygon (MATIC). It seems likely that these coins will be sold through stock exchanges and the resulting income will be distributed to creditors.
The reason behind BlockFi making these transfers is not fully known. There was no official statement from the company and no comments were made about this move. Some experts point to the transfers as a decision to liquidate the company’s assets. He also suggests it may be linked to his effort to repay creditors.
List of coins transferred by BlockFi
According to a table shared by EmberCN on X, apart from the above, the following coins are sent to exchanges by BlockFi:
| LINK | $46,499,404 |
| UNI | $688,864 |
| AVAX | $637,794 |
| MATIC | $479,001 |
| BAT | $20,018 |
| PREMIERE | $12,143 |
| MEANING | $9,071 |
| AAVE | $8,149 |
| GRT | $6,175 |
| SAND | $4,688 |
| LRC | $3,710 |
| AXS | $1,484 |
| OMG | 720 dollars |
| YFI | $690 |
| CRV | 221 dollars |
| COMP | 104 dollars |
| SUSHI | 71 dollars |
BlockFi’s bankruptcy affected the market
cryptokoin.com As we reported, BlockFi’s bankruptcy and its aftermath are still echoing in the cryptocurrency market. The company’s creditors approved a restructuring plan last September. Under this plan, BlockFi’s assets would be liquidated and the proceeds distributed to creditors.
But the latest transfers raise uncertainties about how BlockFi’s assets will be liquidated and how much repayment creditors will receive. Additionally, it is not known according to which criteria the company transfers coins. It is also a matter of curiosity which exchanges these transfers are made through.
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