According to BlockFi, the platform halt will remain in effect
After FTX filed for protection under the bankruptcy laws last week, the cryptocurrency lending company BlockFi said that it will continue to stop several of its platform operations “for now.”
However, the business did acknowledge in a blog post that it does have “substantial exposure to FTX and affiliated corporate entities,” although debunking reports that “a majority of BlockFi assets are custodied at FTX.”
Late in the previous week, BlockFi made an announcement that it had temporarily halted withdrawals. Only a few days before, when Binance was considering purchasing FTX, BlockFi said that its devices were “completely working.”
The business requested that its customers refrain from making any deposits to their BlockFi Wallet or Interest accounts.
The corporation has said, “There are a variety of possibilities that may be accessible to us, and we are undertaking the work now to find the best way ahead.” “BlockFi has the requisite liquidity to investigate all of the company’s alternatives, and we have hired the services of knowledgeable outside consultants who are assisting us in navigating BlockFi’s further steps.”
According to a recent post from The Block, consumers of BlockFi have voiced their dismay and perplexity in response to the news made last week.