menuIcon
$ 94,282.5
BTC
$ 94,282.5
0.01 %
$ 1,795.98
ETH
$ 1,795.98
-0.14 %
$ 0.6825
ADA
$ 0.6825
-1.96 %
$ 600.08
BNB
$ 600.08
-0.19 %
$ 147.71
SOL
$ 147.71
0.93 %
Gungun Bhatia
Nov 11, 2022
by Gungun Bhatia

Crypto Lender BlockFi Halts Withdrawals in Wake of FTX Collapse

BlockFi Withdrawals

Table of contents

  1. BlockFi Learned About FTX Collapse
  2. Updations to Clients
Due to the liquidity squeeze that FTX has been going through, Blockfi, one of the top cryptocurrency lending platforms, stated on November 10 that it was restricting operations on its network and suspending client withdrawals. According to the business, the primary justification for this decision was the lack of clarification regarding the exchange's position.

BlockFi Learned About FTX Collapse

The business said in a statement that it learned about the FTX crisis through Twitter and was shocked and disturbed by the problem that had developed. Additionally, the cryptocurrency lending platform said it was restricting its services till further notice since it cannot carry on as usual.

Due to Silvergate Bank, the company's banking partner, recognizing Veterans Day on November 11, transactions scheduled to take place on that day will now conduct on November 14.

Updations to Clients

Blockfi concluded by promising to keep clients updated on new developments. The announcement comes in response to comments made by the co-founder of Blockfi, Flori Marquez. On November 8, 2022, Marquez tweeted that all cryptocurrency lending platform products are completely operating. The cryptocurrency lending platform is a stand-alone enterprise. He further stated that the company will not become a part of FTX.com until at least July 2023, but the company has a $400MM credit line from FTX US (not FTX.com).

Follow us on: News
Cryptocurrency BlockFi withdrawals FTX Collapse
Crypto Lender BlockFi Halts Withdrawals in Wake of FTX Collapse
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.