After BlockFi pauses withdrawals, customers are left confused and angry
In the aftermath of FTX's dramatic demise, crypto lending firm BlockFi stunned users with an announcement that it would pause withdrawals. Now, they're waiting confused and without many answers. The Nov. 10 announcement came one day after BlockFi said all of its products were functioning normally and employees across the firm were mollifying client concerns about contagion.
"BlockFi will remain fully operational on 11/11 and all crypto transactions, including withdrawals, will continue as normal," the firm told clients earlier in the week. Even in the hours leading up to the announcement, BlockFi continued to solicit more customer funds onto the platform, according to messages obtained by The Block. "BlockFi is an independent business entity so the FTX news does not impact us internally," an employee told a client in an email on Nov. 8.
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