Geoff

#BTC

[Geoff @Geoffro61]

If you can solve this you're a genius

[Geoff @Geoffro61]

I’m starting a new role and will be announcing it publicly tomorrow.

In advance of that, given that I’ve been off Twitter for a bit in order to let BlockFi’s bankruptcy process evolve without distraction, I wanted to share a few thoughts about BlockFi and what I’ve learned.

Seeing the company I founded end in bankruptcy was devastating - but the hardest part was knowing that the event caused distress for BlockFi’s clients, employees, investors and partners. Every action I’ve taken since filing for bankruptcy has been with the focus of recovering as much value as possible for BlockFi’s clients.

I’ve had a lot of time to reflect on things that I could have done better or differently, and of course with hindsight being 20/20 there are plenty of things I would change. However, the single most important decision to change was also the most elusive - identifying the fraud at FTX and avoiding the exposure that we had to their platform.

I testified at the SBF trial which was helpful in terms of enabling justice through a guilty verdict, but the real goal and focus for me (and the remaining BlockFi team) was and remains to return as much value to clients as possible.

Distributions for BlockFi wallet account holders have already taken place at a 100% recovery. Initial distributions for interest account clients started recently and have the potential to reach 100% but the final amount won’t be known or distributed until distributions occur from the FTX estate. From what I’ve seen, the BlockFi bankruptcy is among the fastest and least expensive for large crypto bankruptcies - which is a testament to the quality of the work from the BlockFi team and other professionals involved.

With estate distributions in flight, and knowing the FTX estate recoveries are trending in a positive direction - which, combined with the settlement in BlockFi’s favor announced last week, should have a positive impact on BlockFi estate recoveries - I felt that I finally had an appropriate amount of closure to move on to new professional endeavors.

I kept substantially all of my crypto at BlockFi and gave up my recovery rights to increase the recovery pool for clients. I also agreed to provide unpaid, ongoing cooperation to the BlockFi estate for anything they may need my help with.

Thanks for reading if you made it this far. I will try and answer questions here if folks have them and it’s a subject I’m able to speak to.

(This thread and any replies are my own and not official BlockFi estate communication)

[Geoff @Geoffro61]

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[Nexo @Nexo]

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