October 12, 2024

at

12:00 am

EST

(Updated:

)

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BlockFi Sends $190M USDC to Coinbase

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    BlockFi entity on Arkham
    BlockFi entity on Arkham

    A BlockFi-funded Coinbase deposit address (0x4F5) has just transferred 189.84M USDC to a Coinbase hot wallet, fuelling speculations that the long awaited repayment of customer funds from the BlockFi bankruptcy are finally commencing. The Coinbase deposit address was initially funded by a BlockFi hot wallet in June 2024.

    The transferred USDC amount likely originated from a BlockFi wallet (0xf15) which had transferred 184.96M USDC to a Coinbase Prime Deposit Address (0x37B) the day before, which were then transferred into a Coinbase Prime hot wallet (0xCD5).

    Visualizing the transfers between BlockFi, Coinbase Prime and the other Coinbase addresses

    These fund movements come after BlockFi had managed to secure a sale of their FTX claims at a “substantial premium to their face value” back in July 2024. This allowed the crypto lending firm to proceed with the bankruptcy proceedings, winning approval from the courts to fully repay eligible customers and general unsecured creditors claims after almost 2 years since the collapse of centralized exchange, FTX.

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