BlockFi In a statement on Twitter, cryptocurrency that lender BlockFi has suspended withdrawals and FTXHe said he couldn’t work as usual due to the lack of clarity on his condition.
BlockFi Suspends Withdrawals After FTX Collapse
“We were shocked and appalled by the news regarding FTX and Alameda,” the company tweeted.
— BlockFi (@BlockFi) November 11, 2022
The company said that for the time being, BlockFi will limit platform activities and customer withdrawals will be paused as allowed in our terms. No precise timeframe has been specified for service reengineering.
Earlier in the day, BlockFi said that US-based banking partner Silvergate will delay ACH and wire transfer transactions scheduled for November 11 until November 14 due to Veterans Day celebrations.
Now it is unclear whether these deferred transactions will take place.
FTX announced its intention to acquire BlockFi earlier this year after a credit crisis in the crypto market that resulted in the bankruptcy of several lending firms.
In July, BlockFi entered a $680 million deal with FTX.US that included a $400 million line of credit and an option for FTX to buy the firm for $280 million.
BlockFi has yet to respond to requests for comment.
BlockFi founder Flori Marquez recently said on Twitter that the company is now an independent business from FTX and will remain an independent business until at least 2023.
The unexpected collapse of FTX also upset the company’s plans.
*Not investment advice.
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