BlockFi, a cryptocurrency lender, has filed a proposed court order to convert certain client assets into withdrawable funds as part of its ongoing bankruptcy proceedings. The assets, which comprise less than half a percent of all client funds, include Algorand, Bitcoin Cash, and Dogecoin. The proposed order would allow a one-time conversion of the assets into Gemini Dollar or other stablecoins of BlockFi’s choosing. Clients could then withdraw the stablecoin funds through BlockFi’s platform.The move is necessary to facilitate a comprehensive withdrawal process for all client assets held in custody. Earlier court orders reopened the BlockFi platform to client withdrawals last week. A hearing date has not been set and the proposed order requires advance notice to affected clients holding trade-only assets.BlockFi and related entities filed for Chapter 11 bankruptcy protection in late November, citing exposure to failed hedge fund Three Arrows Capital and volatility in crypto markets as reasons for the filing.

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Information	Details
Geography	Global
Countries
Sentiment	neutral
Relevance Score	8
People	None
Companies	BlockFi, Dogecoin, Algorand, Gemini Dollar, Bitcoin Cash
Currencies	Dogecoin, Algorand, Gemini Dollar, Ethereum, Bitcoin
Securities	None