BlockFi Bankruptcy... PONZI SCHEME or SCAMMED by FTX?

BlockFi has officially filed for chapter 11 bankruptcy in the United States, but just how bad is BlockFis bankruptcy? Was BlockFi a ponzi scheme scam, or did Zac Prince and Flori Marquez get scammed by FTX and Sam Bankman-Fried? Lets dig deeper, also sub!

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Link to the official notice of bankruptcy - Important Client Update - November 28, 2022

Apparently, BlockFi had no problems operating just days before they halted withdrawals, and almost a month later it has now been revealed that they need to file Chapter 11 bankruptcy. This shocking news has left many of us wondering what’s next - but the BlockFi bankruptcy publicly available documentation may help make the picture a little clearer. Let’s take a look at just how exposed BlockFi was to the FTX contagion, what their current situation looks like, and where things could be headed after this.

To be very clear, BlockFi has about a quarter billion dollars of cash on hand, unrelated to BlockFi client deposits, but here’s the issue… they are missing much more money than that which is why they cannot just use those funds to make the blockfi users whole… There’s a lot to decipher, a lot of FUD, and a bit of hope in the BlockFi bankruptcy but no, it’s not good news overall, at all, especially for those severely impacted like myself…

:page_with_curl: Read the investigation threads here: :page_with_curl:
BlockFi sues SBF for his stake in Robinhood -
How does BlockFi manage client funds? Web archive version - What happens to my assets after they are transferred to BlockFi and how does BlockFi manage related risks? – BlockFi
Crypto bankruptcy filing index for 2022 - The Block: Crypto bankruptcy filings: From 3AC to BlockFi
Zac and Flori from BlockFi -

:alarm_clock: Timestamps :alarm_clock:
00:00 More terrible news for crypto… BlockFi bankruptcy
00:57 BlockFi bankruptcy filing key takeaways
03:12 SEC fined BlockFi $100 million!
06:00 Who are Ankura Trust? $700 million owed?!
08:58 Order of funds to be paid out
10:08 BlockFi vs SBF & FTX
12:10 BlockFi Wallet coins to be returned?
12:49 Crypto bankruptcies in 2022
14:00 Mt. Gox bankruptcy has taken 10 years!
15:00 Is BlockFi doomed?

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BlockFi Bankruptcy… PONZI SCHEME or SCAMMED by FTX?

You might could open a new CC transfer balance yes it means BlockFi get paid but then you can be done with them and get back to having a usable CC. Regardless of the conflict of your assets being tied up I still wouldn’t support spending more if I didn’t intend to pay while I have a dispute with them. I am glad I never got into BlockFi but 3AC and FTX have still impacted me w/o using FTX or Celsius, the most central player in 3AC, but take solace where I can in the damage this chaos is doing.

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Kind of insane how all the big exchanges are crashing down lol

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Bankman-Fried and all the rest of his criminal clan have the touch of death—just another straw breaking the camel’s back proving you can never trust some people.

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Anyone know the outcome of Blockfi’s petition to release funds that were in customer’s non interest bearing wallets?

The court announced last week that the Wallet Withdrawal motion wouldn’t be heard until January 17.