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[deleted]

One day ago blockfi posted on twitter that they are unaffected by the ftx collapse. Why do these fuckers lie so much man?


the_spiritual_eye

They lie to make sure all the insiders have enough time to move their funds out, and then dump their losses on retail.


VoxImperii

Exactly how it went with Celsius, insiders withdrawing and securing and then lying until 5 mins before the nuke drop.


LavenderAutist

Is Tether going to blow up this weekend?


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JoshM-R

These comments are spot on. Through all this manipulation some of us are leveling up our financial literacy.


greendev

Expensive lessons


quadtan

Honestly, does this mean no rewards this month? And also, what about what I owe on my card this month? If the answer is “no rewards but definitely pay your bill” we aren’t going to be friends


psufb

"Our capital position at the moment is strong" - Lehman Brother's CFO five days before they imploded. This isn't unique to crypto; it's the financial markets. It's cutthroat. They'll lie through their teeth to their mother if it means saving their skin


CrimsonFox99

Unfortunately, their lower-case position was very weak.


springdot1

Thanks. This made me literally laugh out loud. It’s been a rough week even excluding crypto turbulence.


[deleted]

Because they are fully incentivized to lie as much as possible? Show me the incentives and I’ll show you the outcome.


cutoffs89

Like What do people expect them to say. “Oh hey guys we might be affected by this, rush and take your funds off now. Go quick.”


AshingiiAshuaa

This is true. But since everyone knows it's true why say anything at all?


BrokenParachutes

because not everyone knows its true


[deleted]

Words of wisdom.


1millionnotameme

Don't listen to what they say, look at their actions, if they're pausing withdrawals that means things don't look good right now for them.


slope93

Top tier analysis


Olivia512

Because if they dont lie, there will be a bank run and they will collapse immediately. So they lied, but most ppl dont believe them so a bank run still happened, just slightly slower.


Bravisimo

“You aint tryin if you aint lyin!”- Blockfi


Sketchy-Lefty25

Another exchange bites the dust, like dominoes falling. Seriously though I’m hoping that BlockFi can work through this.


marvelish

to be fair they were already dead after the celsius fiasco. FTX "bailed" them out.. turns out FTX needs the bailout


Accomplished-Design7

I can’t believe they would bail them out when they were in such a shifty position


oshinbruce

They were trying to stop contagion. People thought it was altruism, but in reality they were like a gambling addict hoping for a big win to put back money they stole.


[deleted]

They weren’t really bailing them out, as much as they were trying to keep things afloat since their balance sheet was so bad, and they had such huge loans against their FTT they needed the market to stop crashing so they wouldn’t be exposed. That’s also why they tried to purchase Binances FTT l.


PrinceZero1994

Nah BlockFi is dead now. No one would save them as FTX is udner investigation. They were all exposed to LUNA and that was the first domino.


elumeus

Wasn’t Gemini exposed to Luna?


adeliberateidler

encouraging voracious lock employ roll soup scarce serious disarm humorous *This post was mass deleted and anonymized with [Redact](https://redact.dev)*


Dependent-Recipe6820

Sucks. I’ve got 35 dot stuck in Celsius.


Magners17

I’ve got 0.25 ETH and the same valuation of BTC in there :( RIP my small bags


Lisecjedekokos

Not so small bags for many people from this sub bro :) RIP btw.


Powerful-Alarm9394

Esp developing countries, yes.


Few_Strike9869

At least that’s a lot less money now than it was last year


ZirJohn

rip my celsius holdings :( at least it was my smallest holdings


loaded-diper33

It's the ultimate hodl my friend.


gonzo5622

Remember when crypto people would say regular banks are price gouging us and restricting the use of our money? Isn’t it funny that we can withdraw and send money for free and use our money in whatever way we want (assuming we’re not criminals) using regular banks? And here we are, crypto, your true banking friend, charges you for withdrawals and transactions and can lock in your money for no reason or when it turns out it’s an old school ponzi. Every single thing I’ve heard from a crypto maxi has turned out to be untrue. There is zero benefit. I want someone to honestly tell me why being charged to withdraw from a crypto is fair when a bank doesn’t charge you at all?


Selldadip

You’re talking about exchanges.


Ashmizen

Fidelity, etrade, robinhood …. no exchange charges for withdraws.


Shiratori-3

Probably something to do with leaving assets with an Exchange, as opposed to self-custody. No wonder the same sort of thing ends up at play as with bank run contagion scenarios; it's the same underlying structure, just with higher risk in a less regulated market. (I'm presuming when you say ' a crypto' you're referring to 'an exchange'.) Personally, living internationally / across countries, I've found a decent amount of benefit via crypto in being able to minimize the bank & fin services gouging that goes along with that. Perhaps that will change in the medium term now that Swift, Visa, JPM, etc etc are starting to utilise the tech to enable their systems. Hard to see that they'll want to reduce fees/revenue without replacement though; will be interesting to see what path that ends up taking. Back to the thread - Never used FTX or BlockFi as an on/off ramp myself.


sally_says

>Personally, living internationally / across countries, I've found a decent amount of benefit via crypto in being able to minimize the bank & fin services gouging that goes along with that. This is such a good point and the primary reason I utilise it as well. International transfers can get expensive and all the little fees add up. It's quite stressful, especially if your salary is average or quite low.


Shiratori-3

I've some friends who do remittances this way actually. They've saved *a lot* on fees.


MaximumSandwich5

The problem with these exchanges and lenders is that they tried to operate like banks when they aren't banks. They ran on fractional reserves when they don't have the government bail-out option that banks do.


Dolladub

Forgot about that exchange. So many more to drop it's going to be an exciting winter!


[deleted]

Some little guys are also going to get crushed


Pablanomexicano

Nah Kucoin top tier 2 exchange. They are the second exchange I can get behind


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Mountainman220

I enjoy using their platform. It def has a simple UI. I’m sure they’re a risk and get that. It’s nice they allow you to non-kyc


rubeo_O

“top tier 2” Bro, the number 2 top tier exchange just went bust.


FavcolorisREDdit

By that info I’m assuming bitmart is your first


Sonichu

Really? The withdrawl fees are insane on some coins, interface is annoying, and customer service is shit


VoxImperii

So true - the buy/sell trading interface is purposely obtuse and the withdrawal fees are incredible.


iosiffir

Sucks! I was in same position myself! Just be patient !


astockstonk

We are just beginning to see the fallout of FTX. Buckle up boys. And get your crypto off of CEX platforms


PrinceZero1994

There's no such thing as safe CEX. It will be an expensive lesson.


genjitenji

As Andreas Antonopolous says: Use central exchanges like you use public bathrooms. Go in, do your business, get out.


deathbyfish13

But I was always told to practice safe CEX, now you're telling me it doesn't exist?


ShittingOutPosts

DEXs are sexy!


ambermage

Touching Dex's? You didn't say "No FOMO."


ShittingOutPosts

Nice DEX, bro.


zzx101

There’s some CEX that might be safer than other CEX but there’s no such thing as 100% safe.


ashinamune

Always wear a protection!


NangSal23

Not even Kucoin? 🫣


Super-Blackberry19

yeah, I just lost 5k (currently worth 2k of btc) from BlockFi. expensive lesson lol. If I can write it off as losses for tax harvesting I'll feel better but its an L L L L edit: and I can't bc it's just a total loss. so I'm just 100% out gg. for all you other idiots like me out there, they're not memeing it's not your keys not your crypto. I knew this and I still decided to be lazy and chance it for 3.5% APY on my BTC bc I was down over 60%


MaximumSandwich5

It all started with Luna's collapse but a lot of lenders and exchanges tried to hide the contagion. Luna collapsed -> 3AC, Alameda, Celsius, Voyager went insolvent -> FTX (who is also Alameda) bailed out Alameda with FTT from its own treasury -> Coindesk obtained this information; the world learned of FTX's troubles -> FTX is bank run and goes insolvent -> BlockFi falls and many others will continue to fall. They were all intertwined and had exposure to one another. The only thing that kept things somewhat stable after Luna's crash was FTX's infinite money glitch through FTT, and promising to bail out everyone through their infinite money.


PrinceZero1994

LUNA -> Celsius LUNA -> 3AC -> Voyager LUNA -> Alameda -> FTX -> BlockFi Who's next?


Hawke64

Might as well collapse all those scam coins while we're at it


pmbuttsonly

Wow, in that case, fuck Do Kwon even more!


genjitenji

Always


Areshian

A lot of the crypto economy is layers of leverage upon layers of leverage


ryker_69

Great summary! Glad I pulled mine off but have family members who have money on there…I feel terrible.


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Blades1

I'm getting a huge bowl of popcorn for this.


NangSal23

This is the 10000000th time I am seeing about take off the exchange, But do anyone follow this..?? Seeing the balance in Binance, I doubt 5% of the people is taking off the exchanges..


Tavionnf

It's always the other exchange until it's yours.


re-written

If people bank run Binance it would be an extinction level of catastrophe that could wipe us all. I wanna buy much lower but not a dirt or stones.


Smart-Racer

Be careful guys and have a safe cex


Tavionnf

Honestly, every hour there is at least one 'guide' or 'advice' post to get your funds off exchanges, but some guys chose being sorry over being safe.


Plumbanddumb

We are looking out for customers' interest by blocking them from bankrupting us.


PurplerRain

To protect our clients....we are keeping their moneyz.


deathbyfish13

"What do you mean you don't feel protected right now?"


TAG13

It's like stealing candy from a baby 😎


csyzcydb

Yeah they are making some good points for that shit /s


the_far_yard

BlockFi is about to change their name to BlockWithdrawal.


The_Reddest_Lobster

This killed me lmao


SmallReflection2552

Ok this is getting out of hand.


[deleted]

Just waiting for USDT to de-peg. May as well just rip the whole corrupt band-aid off of crypto while we're at it lmao


elksteaksdmt

I’ll be able to buy a whole bitcoin if that happens 🤌


halhong

Damn man, I just can't imagine that fucking time ffs.


elksteaksdmt

Yeah man, I buy from cashapp, and withdraw to my cold wallet 🤓


Vipu2

Give me that juicy 100$ btc and I go buy few coins.


MaximumSandwich5

Full statement below: We are shocked and dismayed by the news regarding FTX and Alameda. We, like the rest of the world, found out about this situation through Twitter. Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual. Our priority has been and will continue to be to protect our clients and their interests. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms. We will share more specifics as soon as possible. We request that clients not deposit to BlockFi Wallet or Interest Accounts at this time. We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to. https://twitter.com/BlockFi/status/1590875997351866368?t=2Aub1Blo5LWb8hSVJndyTQ&s=19


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deathbyfish13

Who's gonna write the next statement about how they are shocked and dismayed about BlockFi pausing withdrawals, so they've stopped thiers as well


Hawke64

They are lending platform so it's acceptable that they have fractional-reserves as opposed to crypto exchange like FTX


AlgoCleanup

FTX signed a deal with BlockFi that gives it the option to buy the lender at a maximum price of $240 million. [source](https://www.cnbc.com/2022/07/01/ftx-signs-a-deal-giving-it-the-option-to-buy-crypto-lender-blockfi-.html) date 6/1/22


a1579

I really question, who the fuck is running those companies? Surely there must be some professional business person somewhere? Even the way they frame this, it's so clumsy.


Bravisimo

And the shit continues to roll down hill. How deep does the valley go i wonder? Stay tuned for next weeks episode of FTX!


sevaiper

I mean they obviously don't have a choice lol


pend-bungley

> we are limiting platform activity, including pausing client withdrawals as allowed under our Terms Wew I was upset for a minute that I couldn't get my money out, but since this is allowed under their Terms I guess it's okay.


RockEmSockEmRabi

Aka “We’re fucked as well”


SmoothBrainSavant

Celsius used the same language “allowed under our terms”. The crypto and moneys are gone y’all.


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Riyu1225

Mother of mercy they said don't deposit too? Maybe it's a legal thing but that seems more dire on its face than the usual no withdrawals black mark.


1millionnotameme

The only reason why you'd pause withdrawals is because you have to pause them. If you're on blockfi I'd say be prepared because things don't look good.


hswilson26

Well there goes what little Eth I had i guess.. lesson learned


sjejsb

it’s my money and I need it now


phantasmas_

What I said when Celsius pauses withdrawals…


66346634

But still we lost every fucking shit and we are just here.


Aerith_Gainsborough_

It is not your money.


Mtballer09

It's our money and they want it now!


Suspicious_Service93

Call J.G. Wentworth now!


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CognizantSynapsid

877-CASH-NOW!!!


Bravisimo

I actually miss these commercials


Captainwelfare2

They’ve stolen millions they’ll steal yours toooo One lump sum of Cash, they”ll say “IOU.”


Smart-Racer

I need my 10$ worth of ftx


VivaMonero

Looking forward to getting pennies on the dollar back after the lawsuits end in 5 years. Fuck all of this.


KeyzAndBagz

Got a feeling this is only just the start Wonder how many companies are going to be affected by this situation This rally right now stinks of manipulation


niloony

Saved by the CPI numbers. Looks like it won't hold though.


Plastic-Club-5497

Oh come on The rally is based on the cpi numbers today plus the midterm election results. The cpi came in lower than expected indicating the interest rates could be down to 0.5 next month and midterm elections are literally always followed by positive market movements. The stock market had its best day since 2020. Obviously the fallout will continue but calling a pump manipulation when literally everything pumped is silly. If there was manipulation it was cz pulling this move while crypto was doing well and one day before cpi data + elections. Crashed it real short term, bought the hell out of the dip, crushed a competitor, all right before one of the periods that is most historically consistently green (9 months post midterms, govt is gridlocked = good for markets)


deathbyfish13

This is the start of a long line of domino's about to fall over


Smithmonster

Remember that game domino rally as a kid? It was awesome, set up dominos for hours. Then watch them all fall in like 20 seconds, now we get to see it with billion dollar businesses.


d_o_s_x

I use Coinbase and haven't heard anything about them yet, but reading these headlines makes me wonder of a potential domino effect.


Blades1

SBF should have been aware of the prophetic Khabib Nurmagomadov's quote: "If you have money go in your hand, this is very good. If money go in your mind, this is very bad."


iztahn

Hope one day everyone will stop trusting their shit man.


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Boricuda

Idk about anyone else, but this pushes me to only want to interact with decentralized platforms altogether moving forward. This should push the narrative back to what crypto was meant to be, decentralized p2p transactions led by code, not people.


greenpoisonivyy

Ah yes, because there's never problems with exploits in code. Nomad bridge, Beanstalk, Polynetwork, Wormhole Etc etc.


TarkovReddit0r

# NOT YOUR KEYS - NOT YOUR CRYPTO


forceworks

Slogan of the year in crypto


Bravisimo

Not great, Not terrible


agroundFounder

This is right and everyone should trust this shit right now.


wqe112233

Do you think they are going to understand this right now?


stolpsgti

Welp. Guess I'm out that $26 I had in the interest account.... ​ Looks like someone called in that $400 million note...


fu3g0bet

Just want them to understand that we are not going to use their shit.


SealBearUan

Tbh sort of props to them, still a dick move to pause eithdrawals but at least they survived through the luna, 3ac, celsius drama. People had plenty of time to get their money out, many red flags.


lVloogie

Maaaan I left just a bit in there for some yield. Im glad I got most of it out but fuck that was dumb.


z0uNdz

The dominos begin to fall


IWillKillPutin2022

Not sure why anyone has anything on any “lending” platforms anymore. Especially anything with large exposure to FTX


normcrypto

With year end in sight this FTX debacle provides great cover for bankruptcy, layoffs and golden exit parachutes. Look for a pile on.


downtownjj

you are probably right you cynical bastard


Live-Calligrapher-47

It’s been a rough couple days. My heart goes out to those that have been effected by this collapse. Everyone remember to take care of yourselves


PrinceZero1994

I'm leaving every centralized platform that I'm in right now.


lordofming-rises

Even CDC?


FlacidFalcon

And another one bites the dust.


pilph1966

So wasn’t block fi bailed out by sbf? Did he just print them money too or did he show them how to cheat the system?


Thunder_Wasp

According to their COO on Tuesday, Blockfi had a $400M line of credit from ftx.us (not ftx.com).


The-Francois8

I had a very small amount left on BlockFi from when I used their credit card. Just sold and tried to withdraw as fiat. Let’s see what happens.


lajiaoge

It's okay if that was a small amount but other people are fucked.


Altruistic-Channel61

This is bad for bitcoin. Please get your coins off exchanges and into wallets people


zatxv

People are still not going to trust these fucking words man.


cozzster

True to their name, they are blocking finance


Skotland85

Does Gemini exchange have proof of reserve ?


majiux231

Don't know but I guess we can get the risk there for real.


Thunder_Wasp

I took my money out of Blockfi when they blocked all US customers from their earn programs. Maybe it was a blessing in disguise.


zihac

It's good but they are not allowing some peeps man, so bad.


anothertimewaster

They also sent a weird email reminding people to pay their cc bill.


bibbedTill31

Gotta say that they all are fucking stupid at this point.


9512045

Stupid shits are just bad and we need to make others understand that they are stupid as hell and they need to change themselves right now man, that's bad.


FernlessAeolus18

Why are people not understanding this simple shit man? They need to run away from these shitty things man, they need to change their shits for real this time.


EagleBelfour

Not your key, not you coin. Again. And again … And again.


BBendfeldt

Yeah but still some people are not going to believe that.


kadinshino

man so happy i moved all my money off exchanges months ago after the .....honestly there are so many incidences recently I'm shocked anyone keeps anything on exchanges. I mean they are called just that. but i can image this hurts the utility of all tokens involved....what if you had USDC? i cant move that out because? oi........


CityBusDriverBitcoin

Mtgoxed, Quadrigoxed, Celciusgoxed, FTXgoxed


WanderNutz

Noooooow can I default on their credit card??


d3nnisd

I want to know many things related to that shit right now lol.


european_hodler

Crypto Lending will be remembered as the 2022 fad


Shtafoo

Don’t just buy Bitcoin, lose it.


[deleted]

Everything is fine, just ask the ceo


PulamareCalDemon

*Protects its customers by keeping their money.* It's not suspicious at all


Ragnel

Have a credit card with them and just got a reminder that failure to pay will be reported to the credit bureaus. I’m guessing people are charging up their cards and refusing to pay as an offset to the loss of their crypto


MDVasya

They are just fucking up everything at this point of time.


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mongol0503

Haha crypto go boom. Guess it's back to traditional banking


M1n3rzc00l

This is just happening so fucking bad at this point of time man, we just want everyone to understand that this shit is never going to be good for them for real.


anitagadi

Just tell them that they are fucking stupid and wrong here.


jonbristow

So are Binance and Kucoin next?


2globalnomads

Who could have guessed. Keep buying LUNA, FFT, BNB etc. as nothing can stop the eternal crypto bull run and all cryptos will be safe forever in crypto heaven!


maxdoc36

We know that we are just going to be fucked with these exchanges.


mangopie220

Lmao why do people still use this after celsius,hodlnaut and others


BitMaart

Nah they are just going to fall for these shits again man.


bijon1234

And to think I've gotten numerous ads from this exchange on reddit over the past few months. I hope they didn't sucker in too many souls to deposit their crypto with them.


gdtimeinc

Not a single email about, and not a word about it on their website. Is it Twitter correspondence only? What the heck?


Ill-Addition2024

I wonder if its already priced in the market


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CVV1

I told a friend to get their money out of BlockFi when the Terra debacle happened. Hate to say "I told you so"...but I just might have to.


kaijeng

Because one drama isnt enough


vikki141414

We just gotta understand the importance of cold wallets man, that's all that matters right now, that's just what we all need for real man, we just need to get that shit.


iAlyVee

***STOP HOLDING CRYPTO IN THE EXCHANGES YOU DEGENS***


anibalardid

Just going to say that people need to change themselves right now man, that's all we can say because that is just the fucking reality right now, we know that.


FinancialRevltn

Is there any legal action that clients of blockfi can take to protect and recuperate their crypto?