BlockFi Pauses Withdrawals In Wake of FTX Collapse - Slashdot

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BlockFi Pauses Withdrawals In Wake of FTX Collapse (coindesk.com) 24

Posted by BeauHD on Thursday November 10, 2022 @10:02PM from the crypto-collapse dept.

Crypto Lender BlockFi said it could not conduct business as normal and would be limiting activity in the wake of FTX's collapse. CoinDesk reports: The company said in a tweet that the "lack of clarity" around FTX's current situation meant it would pause client withdrawals. It also told clients not to deposit to its wallet or interest accounts. Developing...

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BlockFi Pauses Withdrawals In Wake of FTX Collapse

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Fake Money Is A Bad Idea? (Score:2)

by Anonymous Coward writes:

Who knew? We couldn't possibly have seen this coming.
- - Re: Fake Money Is A Bad Idea? (Score:1)
    
    by Blackeneth ( 210087 ) writes:
    
    Actually, probably not!
  - Re: (Score:2)
    
    by kurkosdr ( 2378710 ) writes:
    
    They did, but they thought the charade would go on long enough for them to unload their RTX 4000 series at whatever price they named.
  - Re: (Score:2)
    
    by iAmWaySmarterThanYou ( 10095012 ) writes:
    
    That's like saying the guys who cashed in big time selling mining equipment during the California gold rush were dumb.
    Hint: they made a lot more money than their typical customers did for less effort and risk.
- Re: Fake Money Is A Bad Idea? (Score:2)
  
  by Z00L00K ( 682162 ) writes:
  
  If you can't withdraw money maybe it's time to call some debt collector.
  If a company isn't solvent, then it's time to file for bankruptcy.
  - Re: (Score:2)
    
    by kurkosdr ( 2378710 ) writes:
    
    It sounds weird, but crypto "depositors" don't want a bankruptcy scenario, because legally they are considered unsecured creditors and are last in the line to receive the proceeds from a possible liquidation. So, as we saw in the Celsius case, they have no problem being strung along waiting for some miracle to happen.
rekt (Score:2)

by Blackeneth ( 210087 ) writes:

Crypto collapse: J. Pierpont Moneygone â" FTX rekt, bought by Binance
https://amycastor.com/2022/11/... [amycastor.com]
- Nope, Binance passed (Score:2)
  
  by DeplorableCodeMonkey ( 4828467 ) writes:
  
  Binance did not buy them. They officially confirmed that:
  https://twitter.com/binance/st... [twitter.com]
Luckily I invested in ugly monkey pictures (Score:1)

by Anonymous Coward writes:

or at least a link to them as I don't even own the image of an ugly monkey picture that the artist didn't spend more than 5 minutes on because he had to make thousands of them.
Since they are blockchained cyspografically to all computers over the world, they are perfectly safe.
I even took a picture of the URL and put it above my sofa.
Everyone is so jealous and they are all taking pictures of it.
- Re: (Score:2)
  
  by iAmWaySmarterThanYou ( 10095012 ) writes:
  
  Do you charge them a fee for taking a picture of the url you own?
Another Crypto wonderboy's fortune evaporating (Score:2)

by thesjaakspoiler ( 4782965 ) writes:

Holy handbags!
I should have never invested in crypto.
First all my Coinye coins went down the drain, then Luna and what's next?
- Re: (Score:2)
  
  by iAmWaySmarterThanYou ( 10095012 ) writes:
  
  SOL.
LOL (Score:2)

by TwistedGreen ( 80055 ) writes:

And nothing of value was lost... except your idiot uncle's savings.
- Re: (Score:2)
  
  by TheMiddleRoad ( 1153113 ) writes:
  
  LooOOOOOOOOL!
- Re: (Score:2)
  
  by iAmWaySmarterThanYou ( 10095012 ) writes:
  
  Nephew, not uncle. It's my nephew that's the crypto bro. He says HODL! It'll go back up higher, later.
Take that, traFi! (Score:5)

by fuzzyfuzzyfungus ( 1223518 ) writes: on Thursday November 10, 2022 @11:19PM (#63042601) Journal

Nothing says 'sticking it to the corrupt legacy financial system' like 'investing' in a 'bank' that can just unilaterally halt withdrawals at its discretion. You show those fatcats who's boss by surrendering what pitiful shreds of consumer protection exist in the financial services sector and just handing your money to some dude on the internet in exchange for IOUs scrawled out in computational pathology.

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- Re: (Score:2)
  
  by tlhIngan ( 30335 ) writes:
  
  Nothing says 'sticking it to the corrupt legacy financial system' like 'investing' in a 'bank' that can just unilaterally halt withdrawals at its discretion. You show those fatcats who's boss by surrendering what pitiful shreds of consumer protection exist in the financial services sector and just handing your money to some dude on the internet in exchange for IOUs scrawled out in computational pathology.
  That's why DeFi is better known as "deregulated finance". We're just getting to see again, why all those
LOL! (Score:2)

by TheMiddleRoad ( 1153113 ) writes:

LoOOOOOOOOOL!
LOoOOOOOOOOL!
LOL!
Based on nothing, house of cards collapsing (Score:2)

by bsdetector101 ( 6345122 ) writes:

House of crypto cards keeps falling ! As least tulips smelled better !
"Developing" (Score:2)

by thegarbz ( 1787294 ) writes:

I think the word "Deteriorating" is more apt to describe what is going on.
- Re: (Score:2)
  
  by iAmWaySmarterThanYou ( 10095012 ) writes:
  
  I prefer the word "collapse".
  If we're lucky the only crypto articles we'll see next year will be about how "everyone" knew this was tulips and no one really believed in it anyway after the last mining rig is sold on eBay for dimes on the dollar.
How long until... (Score:2)

by gregarican ( 694358 ) writes:

a throwback Netcraft confirms post appears speaking to this? It definitely is a house of cards, as others have pointed out. Glad I cashed out most of my holdings last summer. Most of my assets weren't at the all time highs, but hella better than anything currently.
Crypto version of 2008 (Score:1)

by EmagGeek ( 574360 ) writes:

This is basically the crypto version of 2008... these crypto exchanges have been levering up poor investments using customer funds that they shouldn't be accessing, and losing.
The margin calls have been staggering, and the entire crypto financial system is in a state of inexorable collapse.

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