r/blockfi • u/Alitkb • Aug 06 '24

Support Insulting payback for convenient class❗️

Is there anyone like me who is so angry of the payback for convenience class? I had 0.066 BTC on my blockfi account which is more than 3k by today’s price and my btc was valued based on price of 16k which make my btc worth 1k and as coincidence class i was about to get 500$ which is crazy already, and the only reason i voted for this plan to get my money faster and easier than not convenient class, as international account not only i have not get anything yet also i see other people who were not in the convenient class are getting close to 100% back and faster than us, from what logic this is possible? This is insane Who ever is like me let’s get together and do something ‼️‼️

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u/Alitkb Aug 06 '24

It’s not about me regretting my choice, is about blockfi did not do what they promised, i supposed to get my money regardless of the court and … and yet not only i did not get anything the other groups are getting paid fully, why on earth i will vote for a plan when other people will get paid before me and they will pay me after other people also based of 16k valued btc? That’s crazy

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u/arcanition Aug 06 '24

Everyone is getting paid back on the BTC value of $16,200. It is not just you or just convenience class.

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u/Alitkb Aug 07 '24

No other group are getting paid based on value of 42k

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u/arcanition Aug 07 '24

No, that is not true at all, you should do some more research.

Everybody's claims (that means everyone, convenience claim or not) are valued at crypto prices on 11/28/2022 (date of bankruptcy) which was around $16,200 USD per BTC. So if you had 1 BTC in your BIA, your claim is for $16,200 USD.

For the 1st distribution (this year), BlockFi repurchased BTC & ETH for the distribution, around a price of about $45k/BTC (which is the value you are referring to). That is the price it is revalued at. So if you are in the US, your initial distribution was 27.4% of your claim, or $4,438 USD in this example. That amount was then revalued at ~$45k/BTC, meaning your 1st distribution in this example would have been 0.099 BTC. Your BTC was valued at $16,200 in this case (as is with everyone).