Find Here The Recent Updates From Crypto Lender, BlockFi

BlockFi last week paused its withdrawal.
The firm was asking its clients for funds in the final hours and even for collateral.

The outcome of FTX’s dramatic collapse, the Crypto Lending Firm, BlockFi, surprised its users with an announcement that it would halt withdrawals. After the following announcement, the BlockFi users seem confused.

While, Software Developer, Vinayak Dhadda, shared that “Hello, have assets in BlockFi worth 12k$, no updates from them yet, Do you think there is any hope to get them back?”

The Official Announcement From BlockFi

BlockFi made the announcement of November 10, 2022, that was related to crypto withdrawals, deposits and loan processing. The crypto lending firm added that all the crypto withdrawals are unaffected and continued to be processed as normal in line with their terms and conditions.

Silvergate, our US-based banking partner, will be observing the federal holiday (Veterans Day) on November 11.
As a result of this planned third-party closure, ACH and Wire transactions scheduled for 11/11 will not process until 11/14. pic.twitter.com/DFuqD2tUVs
— BlockFi (@BlockFi) November 10, 2022

While, the wire withdrawal that were submitted after Thursday, November 10, 2022, at 2PM ET will not processed until Monday, i.e. November 14, 2022. And the ACH deposits and withdrawals may be delayed by two extra business days.

The firm also clarifies about loan processing that the wire loan funding and fiat payment requests that are submitted after Thursday, November 10, 2022, at 2PM ET will not be processed until Monday. But the crypto loan funding and crypto loan payment requests will be unaffected and processed as normal.

The firm further added that its employees were mollifying client concerns about contagion.

BlockFi stated that as they recognize, given the current market conditions, that this delay is less than ideal. Thus it will remain fully operational on 11/11 and all crypto transactions, including withdrawals, will continue as normal. And its support team is always available to answer any questions.

On the other hand, Flori Marquez, the Founder and COO of BlockFi, shared the information on November 08, 2022, in a long-tailed twitter thread. Mr. Marquez added a few points as he clearly mentioned that all the BlockFi products are fully operational. It has a $400MM line of credit from FTX.US (not FTX.com) thus will remain an independent entity at least until July 2023.

There’s a lot of action in the crypto markets today – something we have seen before and are used to managing. Deposits, withdrawals, trading and lending are all up and running. A few important points:
— Flori Marquez (@FounderFlori) November 8, 2022

BlockFi will process all client withdrawals in line with their terms of service. It will operate its business in line with its risk management framework.

Additionally, the firm runs a pragmatic and diversified lending business and holds risk capital reserves to help protect against potential loan defaults.

In the recent update from BlockFi on November 14, 2022, it added that the rumors that a majority of BlockFi assets are custodied at FTX are false. It expects that the recovery of the obligations owed to the company by FTX will be delayed as FTX works through the bankruptcy process.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing