BlockFi user and investment adviser Steve Snowden shared his experience losing $2,500 after crypto lender BlockFi paused services due to 'significant exposure' to FTX.
Floating Point Group co-founder Kevin March discusses if cryptocurrencies can prove to be a valid business model after the FTX scandal on 'The Claman Countdown.'nearly two weeks ago, it is still unclear how devastating Sam Bankman-Fried's influence will be on the crypto industry.
Ensnared in the fiasco is Steve Snowden who lost upwards of $2,500 in cashback rewards on the crypto-lending platform BlockFi. , they [BlockFi] just froze the account overall. So there was nothing you could pull the money out from. It was just plain as that," the investment adviser representative told Fox News Digital.
"I was very fortunate I transferred a lot of my bitcoin to cold storage where you should be holding it because no keys, no crypto." Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken Nov. 10, 2022.where FTX would provide a $400 million revolving credit facility with the option to buy out the company for $240 million. The deal was designed to stabilize BlockFi, which ran into problems as crypto prices plunged and sparked a liquidity crisis among a number of overleveraged firms.
Days after FTX filed for bankruptcy, BlockFi released a statement on its website saying it was unable to conduct normal business and admitted that it had "significant exposure" to FTX and would assess efforts to recover "all obligations owed to BlockFi."
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