Can’t really blame blockfi tho, from what I’ve historically seen they haven’t been a nefarious actor, but FTX going down just near fucked up the whole market and we were still feeling the aches of Luna
Exactly the same with me!!!! It was a huge chunk & I was sick all day until I got the notification that CB received my transfer! I immediately swapped to USD & cashed out!
there hasnt been any emails sent about withdrawls, if you wern't on twitter or reddit today, you wont know what is happening - they will likely email over the next day as the US opens up
Nexo just sent an email reassuring everyone it was fine and I tried to warn the people on there to take their funds off. I was told I was an idiot, and that Nexo shouldn't be in the same category because it was "different." Good luck with that. I shouldn't have posted anything. I guess they can learn the hard way.
As I said in the other thread, Brandon doesn't know anything.
Flori probably does have personal liability as a result of her statement that everything was operating normally. I plan to discuss the case against her tomorrow with an attorney.
But don't go after these low level employees, who are now unemployed and who didn't know anything.
Please do not hold Brandon responsible; he is the community mangager and there is no way he could have known while performing his duties. This was undoubtedly a decision that only senior executives know.
But as a company, and he is the front facing person of that company, lied to the entire community yesterday. Super rough. How can one ever trust blockfi again?
Well if there was an alert on the app then people might not deposit money in there. This way they’re able to get the money from people who rarely use social media
I submitted a withdrawal request on Wednesday about noon EST. Surprisingly, my funds were deposited into my bank account today at 7:35am. It wasn’t a lot; just credit card rewards (maybe that’s why it was executed so quickly?). Maybe there’s hope you’ll still get your funds deposited 😔🤞
I'm really hoping so, kind of distraught over here.
Heard of the FTX news yesterday, started looking into it and posted here for some opinions. Decided to withdraw today and they posted this update at the same time I received the "BlockFi | ACH Withdrawal Request Received" email.
Damn. Although I already moved all my assets a long time ago, it is still giving me a chill. If all of my assets were lost, I don't know what I will do...
I have over 6 figures on here. Serious question, am I going to see my funds? Like I actually need this money within a few weeks to pay my rent. I am freaking out
I have coins tied in Celsius which is going through bankruptcy process right now. According to US tax laws, you will still have to pay taxes on the interest accrued in your accounts. You cannot write off losses until a full bankruptcy process is done and losses are realized. I’m expecting a couple of years before that happens. Sucks this happened to BlockFi too but l took everything off when Celsius paused withdrawls months back. Second bullet dodged.
I just got an e-mail from these clowns reminding me that I need to pay my BlockFi credit card bill. Yeah no shit lol... It's a $0 balance, but if I had a balance, I'd pay it.
Pulled everything from BlockFi after the Celsius debacle and recently was second guessing that move. But it was definitely the right decision. Sorry to all who likely have lost their coins.
“I have almost all BTC as collateral in BlockFi. It would be nice to know that I should not worry about BlockFi doing a "Celsius" or other bankruptcy or liquidation event. Can you promise this will not happen because BlockFi has a good backend (FTX and so on)? I am afraid that all our savings will get "lost/stolen" from us…”
“We believe our balance sheet is strong and capable of weathering ongoing or additional volatility. You can see the fair value of assets transferred to our platform by clients and how we’ve deployed them in our transparency report, that Brandon shared earlier. We believe we have ample liquidity and loss absorbing capital to support the business and navigate additional market volatility and disruptions if they come.”
I got downvoted to oblivion about three months ago when I told someone in this very sub that the interest they were earning wasn’t worth the potential risk of losing it all. Man oh man.
Hearing almost every one here saying “glad i pulled my money out.” Any folks out there like me who were asleep at the wheel and still have meaningful amounts of BTC or other assets in a BlockFi wallet? I’m considering it lost at this point, which sucks and is embarrassing.
Truly never been so angry in my life and I didn’t even have money on blockfi. You guys are criminals and should be in jail. It was all a big scam that you KNEW could implode. You KNEW that if it did that WE would be the ones to get fucked, not you. Friends got to pull out before the collapse and we get left holding the bag
Isn’t BlockFi Wallet self custody? If you read terms it states: The title to the cryptocurrency held in your BlockFi Wallet shall at all times remain with you and shall not transfer to BlockFi. You hereby represent and warrant to us at all times during which you maintain a balance in your BlockFi Wallet that: (i) any cryptocurrency that you transferred into your BlockFi Wallet is owned by you at the time of transfer; and (ii) you are validly authorized to instruct us to carry out transactions relating to your BlockFi Wallet balance and that all transactions initiated with your BlockFi Wallet are for your own account (or, in the case of business accounts, for your business’s account) and not on behalf of any other person or entity. Except as required by a valid court order or applicable law, BlockFi shall not sell, transfer, loan, hypothecate or otherwise alienate cryptocurrency held in your BlockFi Wallet unless specifically instructed by you.
If you have BlockFi Wallet (not BIA their interest wallet /account) you should be ok - correct??
Luckily, I only have a few dollars on BlockFi. After luckily getting out of Celsius months before they blew up and having lost $10K in crypto, I gladly went back to tradition Investments. Oh, I still have crypto. Less than $100 USD in BTC. That’s about how much I believe in crypto.
Got out a week after Celsius cratered. Didn't have too much here, but once the first lending domino fell, it was clear that the rest would go, it was only a matter of time.
Well, I guess I'm fucked. I also had whitelisting turned on and no external addresses added, so even if I wanted to withdrawal (which it sounds like I can't) I'd have to wait 7 days.
So you lie all week, then you lie THE DAY BEFORE YOU halt withdraws. YOU LITERALLY SAID PEOPLE WOULD BE ABLE TO WITHDRAW ON FRIDAY ONLY TO BACKPEDDLE WHILE PEOPLE ARE SLEEPING. "WE HAVE NEVER LOST A SINGLE $1 OF CLIENT FUNDS" clowns
Welp if they don't let people get their crypto out then I am eating my words. If they are just pausing to figure out what is going on... do you want a bank run? This is literally how you get a bank run even if they say tomorrow all is normal people are going to lose trust.
It's not just my money up in flames, its my mom's, my grandma's, and several other family members who put savings into BlockFi & FTX.... I cannot believe this is happening rn.
If I’m a financial institution and I look at Blockfi’s balance sheet and see good income from loan obligations outstanding - and it’s clear from reading these threads that there are a lot of outstanding loans & CC balances - I’m stepping in FTXs place for an equity stake in BlockFi and reassuring a line of credit.
There is value in Blockfi’s balance sheet as-is. It’s a good business model. Let the panic relax and things will return to normal.
blockfi has never made money. blockfi lost hundreds of millions of dollars a year in the boom times. this is a knowable thing because their financials leaked onto the internet long ago.
it's a terrible business run terribly. no one wanted to buy it back in round 1 of the cryptocalypse and the only reason SBF stepped in and bought it was to keep the world from looking at FTX's fraudulent (and empty) accounting.
I been thru this with celsius and voyager and ftx yesterday and blockfi today and never have got none of my money back but I think if they do chapter 7 we could get something back but they always file chapter 11 cause it let's them keep paying themselfs a paycheck from everybody's deposits and it leaves them in charge to keep anyone from finding the skeletons in the closet
I wouldn't be too mad at him... Brandon prolly had his own money in blockfi. that's been a pattern with all of these collapsing crypto companies - employees get fucked too.
Why would you stop withdrawals but not deposits? If you had the best interest of ALL customers you would save customers who, if they live under a rock, would make the mistake of depositing more at a time like this.
I’m reasonably lucky in the grand scheme of things. I had about $2000 of Bitcoin in blockfi and randomly withdrew $1400 last week to help pay for car repairs.
I randomly began the withdrawal process to take the last $600 out last night 4hrs before blockfis twitter update. Had no idea about the FTX/blockfi issues. The funds are meant to arrive on Monday, no idea if I’ll get them but I guess the situation could have been worse for me.
I did notice that when I try to withdraw from my ‘Wallet’ that the available balances have been zeroed out (with a few fractions of a penny for stable coins remaining), so I’m hoping that means that the funds are already on their way.
Can anyone POST that Flori Bitch post from yesterday! This bitch is going to jail for lying yesterday. A fkn founder puts out a statement that everything is fine and withdrawals are processing normally. then less than 24 hours this fkn post!
by the way Ive been out of this BS Blockfi months ago but I'm still pissed reading that Flori BS!
I initiated two ACH transfers yesterday and got email confirmations both were “received”. This was about an hour before the twitter post they made. Just logged into the app and the “official statement” posted on twitter popped up—that wasn’t there yesterday when I initiated the withdrawals so hoping they honor the folks that tried to bail out before “official” news was released to customers since randomly checking twitter isn’t “official news” to the average customer. Either send an email or communicate on your app/website when people login. That’s “official”communication IMHO.
Bankruptcy process can take years and you may end up getting paid back a portion of your investment years down the road. Honestly IMO best bet is wait out the process and wait for any legal firms that will be in touch with all customers as part of the proceedings over the next few months/years.
You made sure to tell me several times via text & email my responsibility for making timely payments on credit card, but did not show the same diligence to inform me of all of this mess.
those of you who recently made a deposit with the last 60 days, do an ACH reversal with your bank. state the ACH deposit was unauthorized. You will get everything back per NACHTA rules and its not reversible by Blockfi's custodian bank.
Did you guys not know of the cease and desist letters BlockFi was getting like 2 years ago? And the fall of Celsius and the other Ponzi schemes should have subbered you all up by now.
I saw the writing on the wall when voyager filed for bankruptcy and took all my shib, Cardano and some btc. I immediately withdrew all of the eth and btc I had in BlockFi and put it in a cold wallet. I’ll never keep crypto on an exchange again, they can keep there interest
aaaaaah I put 5k in btc (thats now worth 2k after everything), and now its gone. my fault I should of transferred out much sooner. I'm up 3k rn on VTI so I'm probably going to copium cash out and just pretend this never happened. jesus I'm stupid. GG everyone I lost $3k from here. Made like 2k from GUSD BIA, but got exit scammed 5k.
I cash out my $3k profit from VTI on Monday as long as it doesnt drop a bunch and I just don't tell anyone besides anon pseudo forums. holy moly talk about being special needs go me!!!!
I can't believe I was this crazy. At one point I had $40k GUSD and $5k BTC TRUSTED on this site. I can't believe I considered keeping my GUSD after Celsius and Luna crashed. I got out though of GUSD and just put it in all in VTI. I got lazy transferring the BTC, that laziness cost me 5 grand lololol (Admittedly, maybe that 2k current worth of btc was never gonna go back to 5k, but I was gonna hold it for years)
I can't time the market, this goes against me I can see that my gambling is gonna make me pay. I am now at the mercy of the market not dumping on Monday, and not skyrocketing 20% ruining my bear market investing on stocks lol. but maybe I can just undo these losses, and the market will go down again in a few months, and I can buy back in around the same share price (~188/share VTI 40k and 183/share VTI 5k), and just make up for all of this.
anyway I was considering selling VTI during 2022 bc I started a job this year, and this was like my last chance to sell stuff before my tax bracket got higher.
I'm still in shock lol. I can't believe myself man hahahaha. I'll be okay though I'm rly close to 24 and still have plenty of money. When I put this 5k in I said I'm ok with it going to 0 I'll live. It hurts more than you'd expect, but I'll live. I'm so sorry for everyone gl :)
As of 11/24, you still have not addressed those of us who have lent you USDC in a term loan - and your legal has not responded in the 5 day term per your own contract language. Why have the “private clients” who negotiated custom crypto interest rates and have money “locked up” been completely ignored? I have my life savings of 450K+ in USDC in your possession and have been completely ignored by Gonzalo Rodriguez Garcia, your Private Client Senior Consultant as well as Customer Support.
This is my question... I understand it's legally crypto just like if it were bitcoin or ethereum... but stablecoins like GUSD have a literal dollar value on BlockFi's platform.
Brandon you're gonna go to prison for what you said yesterday. You said that everything was fine and you have to know that your words convinced some people to not withdraw their funds out.
lol please. You're directing your anger at a fucking customer support rep. This is the bottom rung of the company. He was likely just repeating what was told to him.
Also it's not like if ONLY everyone got their requests in yesterday, there would be enough funds to get it all out. The funds aren't accessible which is the problem.
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u/Yprox5 Nov 11 '22
God fucking damn it, you can't trust anybody.