Crypto lender BlockFi, which filed for bankruptcy last year after being adversely affected by the sharp decline in cryptocurrency markets, announced that its bankruptcy plan has come into effect and exited bankruptcy on Oct. 24.

In the press release, it was stated that the company continued to work intensively for 11 months, and it was stated that this milestone was reached faster than expected. In the next period, BlockFi will be able to officially implement the actions included in the plan, along with reimbursement to its creditors.

With this, the process of paying the crypto assets in the company's portfolio to creditors will begin. At this stage, the claim settlement process will continue in order to correctly determine customer claims and ensure a fair distribution among creditors.

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