Am I About To Lose $10K? - BlockFi Pauses Withdrawls

In light of the FTX situation, BlockFi has paused all withdrawals from the platform. This is somewhere I personally held a large portion of my BTC and ETH so if this exchange was to go under I'd loose more than $10k.

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🤚 Disclosure
I (Cora Harrison) am not a financial advisor and nothing I say in these videos should be taken as financial advice. If you are unsure about anything you should speak to a qualified professional for further assistance. I am not responsible for any actions you take off the back of watching this video if the process(es) change or if you get anything wrong (and/or loose money) based off what is said in this or any other videos on this channel.

I also do not have a Whatsapp group or community. Those saying I do so are scammers in the comments pretending to be me. I do my best to remove them and block the words etc. however, please do not give your financial details to anyone from the comments of this video - again I am not responsible if you do so.

[CCCrypto]

Quick update: After filming, editing and uploading this video I went ahead and attempted to withdraw my ETH and BTC from BlockFi to Binance. The withdrawal has been sent for processing, however, it's expected it'll be held there until further notice. My theory in this is that if withdrawals are re-opened up then I don't have to rush to withdraw and hopefully it'll instead be processed normally in the queue with everyone else and I'm further up the queue by attempting to withdraw now rather than later. However, the likelihood of the withdrawal ever going through seems very, very low and I'm more than fully prepared to lose all my funds and subsequently crypto inside BlockFi.

[lucaslovesyouiii]

Hopefully they are just preventing a panic run and waiting it out

[jc]

Whewww....I feel lucky indeed! I had pulled my 50K out of the interest savings acct after the Celcius debacle. I just happened to get back on BlockFi a few days ago just to make sure I was done with them and realized I still had 1K in there which I promptly moved out of there as well. You gotta be crazy to hold anything in an exchange right now or ever for that matter. This is gonna get dicey!

[ixixix-vwrq]

I’m stressed out because of this, about to lose a lot of money… I’m praying they will recover.

[xxxxx]

When i try to withdraw, it says withdraw minimum is 50k. My wallet has less than 50k…Is this expected?

[jackkie]

Take it from someone who has funds stuck in Celsius after they stopped withdrawals and later Chp11 bankruptcy. Consider the money lost and rebuild your portfolio. I think BlockFi will head into bankruptcy and funds will be stuck there for several years and there will only be a percentage you may be able to get back at the end.

[driskolestateshow]

Sucks because I put my withdrawals in before they sent the email. And it's still pending. Over 2 days now.

[alessandropascucci]

Is there any insurance that can provide money back to the investors? I know it is not FDIC insured but should be an insurance that cover this things.

[muttswob]

I transferee bitcoin, eth and link 11-10 at 10pm EST from BlockFi to binance and it went through and I got confirmation emails and confirmed my identity and everything and it says it should hit on Monday. Anyone think I’m screwed or should be ok?

[Alexroberts]

I withdrew my funds from blockfi within hours from them freezing withdrawals - funnily enough though, all the websites I have crypto held on I've not withdrawn from yet; Blockfi itself seemed to have an obvious association with FTX

[junioralsept]

Hopefully they have the liquidity as the they said that have.. Clients should be #1 issue to make withdrawals available..

[Dannyk]

Over $100, 000+ worth of BTC on BlockFi. I wanted to withdraw all of it just a few days ago but because I disabled the Allowlisting security option, they placed a 7 day block on initiating any withdrawals. And then I hear this news...

[ItTollsThee]

Good luck Cora. Holy crap, that sucks for you! Best wishes and good vibes going your way!

[proteus]

Blockfi has retained bankruptcy counsel, this doesn't mean they are bankrupt, however I will continue to hope for the best for Blockfi but planning for the worse.

[thecryptochartist]

i lost 1k as well today with blockfi's drama. Its a sad story.

[georgezambrano]

Same I've attempted to withdraw 7k of GUSD I had in my account, and it says its in process 2-3 business days...Here is for the wait.

[ali.amirhassani]

I have 20k in my interest account, 10k in USDC, about 7k in BUSD, about 1k GUSD and 2k ETH, what do think shouild I do at this point?? There is only option for transfer not withdrawal.

[MarinJapan]

So now is any money in Blockfi as good as gone? I can't withdraw.

[Pumphyb]

Why would you have crypto on an exchange🤨? Anyone with sense has crypto on a ledger.

[BiPolarBear]

This reminds me of 2008 when the banks had to be bailed out to prevent collapse. Someone needs to stop the dominos from falling or the whole industry suffers. Not a good look already.