BlockFi Halted Withdrawals | November 2022
Total claims paid
A total of $30,590.64 was paid out for Claims 174 and 177.
After BlockFi halted withdrawals in November 2022, members who held BlockFi Custody Cover at the time withdrawals were first halted waited for the 90-day period to pass. Section 1.2 of the Custody Cover wording provides protection for assets that cannot be withdrawn from a centralized exchange after more than 90 days has passed.
During this time, members documented their losses and prepared for claims filing. Before the 90-day period ended, a guide to BlockFi claims filing was shared across the Mutual's social channels.
After 90 days passed, withdrawals were still halted on BlockFi. On Thursday, 9 February 2023, members began filing claims for the BlockFi loss event. As claims were filed, members staked NXM to participate in the Claims Assessment process. Claim assessors discussed claims in the Nexus Mutual Discord and kept track of eligible covers in the BlockFi Claims Tracker.
Filed claims and outcomes
Three claims were filed, and those claims were reviewed and voted on by claim assessors. Since this loss event met the terms outlined in Section 1.2 of the Custody Cover wording, claim assessors reviewed the validity of the claims to determine:
- Was the member's BlockFi Custody Cover active at the time withdrawals were first halted?
- Did the member provide off-chain proof of loss with their claim?
- Did the member verify ownership of their BlockFi account?
For more information on each claim, review the sections below and the Nexus Mutual Claims Dune dashboard.
Claim assessors reviewed and approved Claims 174 and 177. These claims included proof of loss, which showed each affected member suffered a loss due to halted withdrawals.
Claim assessors reviewed and denied Claim 155.
Claim 155 was filed before the 90-day period had passed. Claim assessors reviewed and denied this claim because withdrawal had not been halted for more than 90 days when the claim was filed.