BlockFi FTX News on Withdrawals W/ Andrei Jikh

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[SloRush]

Thank you for consistently updating us on this situation!

[kt]

Really connect with your humor and mostly how you break things down and explain!

[timthompson]

Honest question here, but if Crypto isn’t a store of value ( at least one not going to zero), what is the long term point of crypto, other than making some shady folks billions of dollars!

What’s the real world use for Crypto? Mainstream stuff?

Ps - love the vids, nice to hear another voice of reason about this space

[joeb]

It sounds like BlockFi is saying "as we have a non-trivial stake in FTX or related entities, we currently have a liquidity crisis and need to freeze withdrawals until we can be made whole". But if those funds are not forthcoming, as I would expect, they may have an insolvency crisis instead.

[REACTIONSUNLIMITED]

If I am an investor and has exposure to a company, the moment I know that the CEO created another company with officials so close to him (i.e., former girlfriend running the Alameda Research) and did not do proper process of executive hiring in the open market, right there and then I will have a trust issue that something can happen that the related parties will have the ability to commingle funds.

That is the main reason why an investor of a company must do periodic due diligence and also force the creation of an oversight board that is unrelated to the officials of the company. That is covered under the corporate governance. The Sarbanes-Oxley Act of 2002 was created to serve one of the purposes of internal controls and corporate governance (in essence prevent another Enron scenario). Ask an auditor and they know about it. Now the USA auditors of the US entity, we have to ask them what have they done to uncover these related party transactions and have they then been able to report this?

[Metapunk]

BlockFi was always sketchy to me, I'd rather wait until there's legitimate custodial services that provide guaranteed insurance on my assets. Until then self custody on cold storage is key

[Rime_Di_Michelangelo]

*sighs of relief* as long as blockfi cosplays as Anonymous and tells me that the money is safeU in the Bermudas, I cansleep well tonight.

[RobinApplewood]

Can you help me understand something here? Withdrawals over $50, 000 are still allowed, but all of us smaller retail investors have significant funds tied up in these platforms too. So essentially is our money going to cover the withdrawals of investment firms and Blockfis clients with deeper pockets?

[charles-mtqo]

I had a BlockFi account for just under a year. Had USDC in the account. When Voyager and Celsius fell I got out, thank god! Made $300 in that year though, lol.

This stuff needs to be regulated before I even think about getting back in.

[kangleonglim]

can you comment on Binance instead talking about FTX which is already water under the bridge. thanks

[Bigbuckgaming]

At this time last year I had considered putting money into block fi but a $250 sign up bonus send an 8% interest rate for lending out Bitcoin or stable coins just seems like it was too good to be true and I'm glad I steered clear

[khold]

What do you think of Coinbase? Can ppl trust them?

[frequency]

It’s not completely over with BlockFi yet, pauses have been before. I feel like all this negativity is to drive down price. I believe when the dust settles the big players in the crypto market will step in, whether it’s large institutional, investors, etc

[jessicaweinhart]

I think I may of been able to withdraw my ETH. When i pressed withdraw it allows you to to ETH, BTC and a few stable coins but not bnb, gala, sol etc. I'll update this comment tomorrow to see if my eth ends up in my ledger!

[CrazyySkaterrr]

Funds are currently frozen at blockfi
I always knew there was a chance this could always happen so i only put money i was willing to let go to 0$

[neku]

Lmao I dodge the biggest bullet, when Celsius went bankrupt I took all my coins out of Blockfi. I put it there because Andrei recommended it. Seriously well done my paranoid 🧠.

[scottyclips]

Who would of knew that crypto is a scam? 🤔 Guess that’s what you get when you listen to scam artists on YT! Thanks for the video Chris. Keep calling them out.

[bmoney]

Lol paused….this is hilarious. Great video.

[ValleyOfTheShadow]

They’ve paused before to avoid a bank run. I’m optimistic

[haroldcruz]

For goodness sake, get your tokens out of the exchanges. If you don't have it you don't own it.