Yugocean
Valued Contributor
The collapse of the FTX empire has started to put pressure on other crypto exchanges as well. BlockFi, a cryptocurrency lending firm, has been the most severely impacted.
BlockFi was on the verge of closure as economic pressure mounted after Iowa imposed heavy fines on it, with SBF-owned firms saving it from liquidation by lending money. Now, after the economic destruction of the FTX empire, BlockFi is also left with nothing.
If BlockFi had focused on its business, the collapse of FTX and Alamenda would have freed it from debt, but the mounting economic pressure on it meant that the platform itself was left at the mercy of SBF.
To dispel public doubts, BlockFi officials make some comments that the financial condition of the platform is stable but do not say anything else that is raising doubts. Blockfi CEO Zach Prince is completely silent; he is doing nothing more than sharing some posts of some of his officers. Worst of all, withdrawal is no longer actively working.
BlockFi was on the verge of closure as economic pressure mounted after Iowa imposed heavy fines on it, with SBF-owned firms saving it from liquidation by lending money. Now, after the economic destruction of the FTX empire, BlockFi is also left with nothing.
If BlockFi had focused on its business, the collapse of FTX and Alamenda would have freed it from debt, but the mounting economic pressure on it meant that the platform itself was left at the mercy of SBF.
To dispel public doubts, BlockFi officials make some comments that the financial condition of the platform is stable but do not say anything else that is raising doubts. Blockfi CEO Zach Prince is completely silent; he is doing nothing more than sharing some posts of some of his officers. Worst of all, withdrawal is no longer actively working.
