BlockFi paused the withdrawals in the Wake of FTX


  • BlockFi, the crypto asset trading platform, blocked the withdrawals in the Wake of FTX.
  • BlockFi discovered this news with the rest of the world and was shocked and dismayed at the information regarding FTX and Alameda.
  • The company has also signed various agreements with FTX US stating it will enhance the entire growth of the company and the users.

After the confirmation of FTX that it is selling to the competitor Binance, BlockFi, a trading platform to buy, sell and trade 40+ crypto assets, has paused the withdrawals in the wake of FTX

The California State regulators have announced the probe that BlockFi will be limiting the platform acts as the result of the collapse of FTX and have opened the investigation and warned the consumers of a very volatile crypto asset. 

“We are shocked and dismayed by the news regarding FTX and Alameda,” said BlockFi in a tweet. They further added that due to a lack of clarity on the status of, FTX US and Alameda, they will not be able to operate the business as usual. Furthermore, they have discouraged the users from depositing in BlockFi Wallet t Interest Accounts. 

The Founder, Zac Prince, states that the company has signed various definitive agreements with FTX US (subjected to shareholder approval) users to have a $400M revolving credit facility subordinate to all client funds and an option to acquire BlockFi at a variable price of up to $240M based on the performance triggers. 

When questioned about these agreements, BlockFi further clarified that the company has a solid balance sheet and this agreement is just a business partnership that will further accelerate the platform’s growth.