New collateral damage from the FTX affair. The BlockFi platform posted a statement on Twitter announcing, “We are unable to conduct business as usual.” Some features, including customer cash withdrawals, are currently suspended.
BlockFi affected by FTX
“It’s when the tide recedes that you see those bathing naked. » This diction of Warren Buffet makes, once again, all its sense. After Genesis Trading Reveals It Has $175 Million Locked Up On FTX, It’s BlockFi which announces that it is also affected by the setbacks of the Sam Bankman-Fried exchange.
In a late night statement, BlockFi announced: “Due to the lack of clarity on the status of FTX.US and FTX.com, we are unable to operate as usual “. Here is the full announcement made by the trading company:
—BlockFi (@BlockFi) November 11, 2022
Besides the fact that BlockFi calls itself “shocked and appalled” by current news affecting FTX and Alamedait informs its users that their priority “has been and will continue to be the protection of customers and their interests”.
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BlockFi suspends customer withdrawals
Nevertheless, “waiting to see more clearly”, the platform announced the suspension of certain functionalities, in particular withdrawals of funds from customers. A measurement which would be perfectly allowed under BlockFi’s terms and conditions, as the press release does not fail to recall.
Some Internet users, in particular the very followed ZachXBT, will have been quick to recall contradictory announcements dating back just two days. They came from the founder and COO of BlockFi, Flori Marquez, who claimed that “all BlockFi products were fully operational”.
Oof pic.twitter.com/TFcr9W3LZL
— ZachXBT (@zachxbt) November 11, 2022
She justified this by explaining that she had “of a $400 million line of credit from FTX.US, which is a separate entity from the one affected by a liquidity crunch.” Since then, some American users have received a message alerting them that FTX.US may soon also suspend its activities.
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