Bankrupt crypto lender BlockFi, together with the exchange Coinbase, has begun the process of closing the platform and paying compensation to customers. However, the current list of compensations applies only to US citizens.

BlockFi has notified its customers that the first round of payouts will take place over the next few months. Customers in the US will receive notifications via their previously registered email addresses. However, non-US customers will not be able to receive financial compensation at this time due to regulatory requirements in place.

“The BlockFi International management and liquidators have jointly prepared a plan for the distribution of funds to non-U.S. customers that complies with Bermuda regulations. However, until all interested parties have confirmed that these requirements are in their best interests, no further funds will be approved for distribution to non-U.S. customers,” the statement said.

BlockFi added that in fact, compensation to US customers has been limited since October 2023. However, until now, BlockFi interest-bearing account holders and retail lenders have been forced to wait for the repayment of obligations to begin. BlockFi’s liquidation committee clarified that the final amount of repayment of obligations to customers may depend on the outcome of the bankruptcy case of cryptocurrency exchange FTX and its sister company Alameda Research.

In March, a cybersecurity expert who goes by the name Plumferno revealed that anonymous attackers had carried out a phishing attack targeting creditors of the bankrupt BlockFi company.