BlockFi shared that it is working on “recovering all obligations owed to BlockFi”, but expects that the process may take quite a while as FTX has filed for bankruptcy.
by BlockFi, although a majority of its assets were not on FTX, it still has “significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX US.”
Despite its exposure, BlockFi assured clients that it has “the necessary liquidity to explore all options” and is currently consulting with experts and advisers on how to navigate its next steps. According to the crypto lender, it is still working on “recovering all obligations owed to BlockFi” but expects that the process may take a while, as FTX is currently working through its bankruptcy process.
With regard to its credit card product, BlockFi shared that it will provide direct details “as and when appropriate.” Meanwhile, the platform said it plans to continue its pause on many activities after determining that it could not operate business as usual in the current market climate. BlockFi also cautioned its clients to avoid making any deposits to their BlockFi wallets or interest accounts.
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