Due To FTX Liquidity Crisis, BlockFi Has To Pause Withdrawal Service

In its latest announcement, BlockFi said the company’s withdrawal service had to stop due to issues with FTX and Alameda, leaving the crypto lending company unable to operate as usual.

On November 11, according to the official Twitter, crypto-lending company BlockFi announced that it would be suspending the withdrawal service, asking customers not to deposit funds into their BlockFi Wallet and Interest Accounts for now.

BlockFi said the company was affected by the unclear status of FTX.com, FTX US and Alameda, which prevented it from operating as it should. The company will prioritize the interests of customers first.

The notice did not mention the service suspension period, making their customers somewhat worried about the possible risk of property loss said all products are working normally, and the company is a commercial entity independent of FTX.

Earlier this year, following the bankruptcy of Three Arrows Capital, BlockFi agreed to a potential acquisition deal with FTX, providing BlockFi with a $400 million line of credit.

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