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BlockFi Remains Suspended After Suspending Withdrawal Service

After FTX sought bankruptcy protection last week, the cryptocurrency loan company BlockFi announced it will continue to stop many of its platform activities for the time being.

The business claimed in a blog post that the reports that a majority of BlockFi assets are custodied at FTX are untrue, adding that it did have substantial exposure to FTX and linked corporate entities.

The company revealed that it stopped withdrawals late last week. Just a few days prior, the company said that its devices were fully functional while Binance considered purchasing FTX.

The company requested that customers refrain from making any deposits into Interest or BlockFi Wallet accounts.

“There are a number of scenarios that may be available to us, and we are doing the work now to determine the best path forward. BlockFi has the necessary liquidity to explore all options and we have engaged expert outside advisors that are helping us navigate BlockFi’s next steps. Haynes and Boone continues to serve as our primary outside counsel, and BRG has been engaged as our financial advisor.”

It seems that the company’s customers are still waiting a long time for their investment. Meanwhile, FTX is also suspending deposit and withdrawal services.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.