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In the latest sign of the impact of the collapse of digital asset exchange FTX, cryptocurrency lending platform BlockFi has now said it has stopped withdrawing funds from its customers.
The company just posted message Twitter customers who have said they are to blame for the “lack of clarity” regarding the status of FTX and its trading arm, Alameda Research.
We are shocked and disappointed by the news regarding FTX and Alameda.
Due to uncertain status of FTX.com, FTX US and Alameda, we are unable to conduct business as usual.
Our priority is and will continue to be to protect our customers and their interests. Until further clarification, we are restricting platform activity, including suspending client withdrawals, as permitted by our Terms. More information will be shared as soon as possible. Clients should not deposit into BlockFi wallets or interest accounts at this time.
We will continue to communicate as often as possible, but expect it to be less frequent than our clients and other stakeholders are accustomed to. “
According to BlockFi’s Q2 report In terms of assets under management, the firm has approximately 650,000 funded accounts, $500 million in wallet assets, $2.6 billion in yield assets, $3.9 billion in deployable client assets, and $1.8 billion in institutional and retail loans. I own
At the time, the company was showing a net exposure of $600 million.
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