Crypto Lender BlockFi Suspends Withdrawals Due to FTX Collapse

Crypto Lender BlockFi Suspends Withdrawals Due to FTX Collapse

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Crypto lending firm BlockFi has announced the suspension of withdrawals on its platform on Friday citing a lack of clarity about FTX, FTX.US, and Alameda situations as the reason for the move.

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BlockFi Halts Withdrawals, Warns Clients Against Deposits

Since the beginning of the current and prolonged crypto market downturn, crypto firms especially the lending firms have been struggling to keep their heads above the water, the current market condition alone has led to the likes of Celsius Network, Voyager Digital, 3AC liquidating and all of them has announced the suspension of transactions on their platforms and even filed for creditors protection.

The struggle to survive crypto winter didn’t leave lending firm BlockFi out, months ago, the firm was struggling to endure the continuous market downturn but at a point, it almost joined other insolvent crypto lenders, which at that point was rescued by FTX’s Sam Bankman-Fried in a deal worth more than $650 million.

From a logical point of view, a hit on the FTX crypto exchange should affect firms like BlockFi which is what has just happened.

BlockFi in a recent announcement has disclosed that it is suspending withdrawals on its platform saying that it is “not able to operate business as usual.”

“We will share more specifics as soon as possible,” the company said. “… we intend to communicate as frequently as possible but anticipate that this will be less frequent than what our clients and other shareholders are used to.”

This announcement came days after a tweet by Flori Marquez, the founder and chief operating officer of BlockFi that “all BlockFi products are fully operational,” he added that it was an independent entity until at least July 2023.

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