Bloomberg- Blockfi Said To Plan Imminent Bankruptcy Filing Amid FTX Fallout
bloomberg.com/news/articles/2022-11-16/blockf...
bloomberg.comPosted Nov 16, 2022, 9:37 PM UTC
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bloomberg.comBlockFi, Genesis Trading, Salt Exchange, Gemini, and more all facing dire circumstances and liquidity issues 🤮 Mr CEX I don't feel so good
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Source on Gemini? AFAIK the only issues they are having are with their Gemini Earn program and not their exchange.
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You're right that Gemini has stated that only Gemini Earn had exposure to FTX via Genesis. The exchange itself is claimed to not have had any involvement with FTX and is backed with 1:1 reserves. Many have pointed out that Gemini is registered in NY, the most crypto-unfriendly state in the US. Hopefully, they are what they claim and do things by the book.
Nonetheless, I still transferred all my coins out of Gemini before they released their statement about Gemini Earn. Feels good to have them under my own key.
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Gemini is strong with liquid capital, it'll be fine, tomorrow I DECLARE BANKRUPTCY
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I've been following the saga intensely and reading and digesting the DD for the past two years, and I am STILL blown away at how it just keeps getting proved true. Guys.
....Guys.
GME is going to another fucking galaxy.
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I've been saying it this all along also. Fuck the moon, fuck Uranus. We going to Alpha Centauri🚀🚀🚀🚀🚀
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yawn
Wake me when Saudi Arabian phone number.
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That's no small fish.
Real contagion is spreading fast.
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Crypto Lender BlockFi Plans Bankruptcy Filing Within Days in FTX Fallout
-The crypto lender continues to limit activity on its platform
-Sudden collapse of FTX is threatening future of crypto firms
Cryptocurrency lender BlockFi Inc. is preparing to file for bankruptcy within days, according to people with knowledge of the matter who asked not to be named because discussions are private.
The crypto lender paused client withdrawals, citing uncertainties with FTX, while saying it had adequate liquidity and was exploring options with outside
advisers.
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Can anyone with a Bloomberg login post the full text pls?
e: ty u/Gtrmd
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Oh it feels good to have a Loopring wallet!!! Defi for me thanks!
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Getting into loopring is what got me hooked on crypto. Super excited for its future.
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Same. GME took me over to LRC when the rumors started lol 🍻
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Who's dumb money now?
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Credit to u/Xtra-Apo83 for finding this! 🦍💜🦍
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🦍💜🦍
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Pasta please
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Just posted all I can see w/o login, waiting on someone with credentials and/or more wrinkles to help lol
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Who's next after them?
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Hopefully binance.
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It looks like binance is already under scrutiny for their involvement in FTX leading up to the collapse.
Something juicy will come out from Binance eventually.
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Never heard of Blockfi so I'm not sure they're leader of anything
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I think they’re big, though not as large as FTX was. Per Wikipedia, “once valued at $3B”. FTX tried to buy them (ended up giving them a loan) for $400m. I’m just learning about them as I go though
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I'd only heard of them because CNBC was shilling them early on in '21. I believe they had a linked credit card
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Nah they’re big.
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A lot of YouTubers had links to them. I had a bit of B and E with them in an interest account, but got it all out once GS Wallet dropped. I'm glad I did.
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So one lent money to another who was gonna buy another who has lent money to another who lends money to another and owes money to another. Cool, sign me up. My name's another.
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Doont doont doont another one bites the dust.
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The company is strong and our capital reserves are liquid ... oopsie we're broke as fuck
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And it's gone.
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We're sorry 🦭
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Dancing_elmo.gif
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Why GME? || What is DRS? || Low karma apes feed the bot here || Join the Superstonk Discord Server
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Oh Fuk here comes another Bank run!!! 🏴☠️🚀🖕💎🖕
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:::::DRS::::::Paywall and save a click::::GME:::::
Crypto Lender BlockFi Plans Bankruptcy Filing Within Days in FTX Fallout
Rachel Butt and Annie Massa November 16, 2022, 2:34 PM CST
Cryptocurrency lender BlockFi Inc. is preparing to file for bankruptcy within days, according to people with knowledge of the matter who asked not to be named because discussions are private.
The crypto lender paused client withdrawals, citing uncertainties with FTX, while saying it had adequate liquidity and was exploring options with outside advisers.
A representative for BlockFi declined to comment. The Wall Street Journal earlier reported that the company was weighing a bankruptcy filing.
FTX US and BlockFi are closely tied. In July, FTX US provided the lender with a $400 million revolving credit line, which came with an option to purchase the company. And BlockFi has given loans to now-bankrupt Alameda Research, Bloomberg reported.
The sudden unraveling and subsequent bankruptcy of FTX -- once seen as a savior to struggling crypto firms -- is reverberating across the digital asset landscape. Bankrupt Voyager Digital Ltd., which Sam Bankman-Fried was going to rescue in a $1.4 billion deal, is now scrambling to find a replacement buyer for its assets. And Genesis is exploring options after suspending redemptions and new loan originations amid a liquidity shortfall.
Omg they are all just handing out credit like some big circle jerk and now they all fkd themselves because nobody had any money to begin with 😂
Ohhh they had money.
It just wasn't theirs.
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Additional info from another article
Sauce: https://markets.businessinsider.com/news/currencies/blockfi-layoffs-bankruptcy-ftx-exposure-cryptocurrency-markets-contagion-investing-collapse-2022-11?op=1
edit: And interesting factoid from their about page:
Isn't Gemini in trouble too?
edit 2: YEP. "FTX Contagion Spreads to Gemini the Exchange Delays Witdrawals on Lending Program" 👀
Dog shit, meet cat shit.
https://www.fxstreet.com/cryptocurrencies/news/ftx-contagion-spreads-to-gemini-the-exchange-delays-withdrawals-on-lending-program-202211161857
edit 3: Primary sauce from Gemini here
https://www.gemini.com/blog/an-important-message-regarding-gemini-earn
Fun little anecdote, Gemini is founded/run by the Winklevoss twins from the early Facebook saga. Didn't they have something to say way back when about Gamestop or something?
edit 4: Lol yeah they bought movie rights about Gamestop on Feb 1 2021 🤣 If they play their cards right and wait to make it till after MOASS they might make good
https://finance.yahoo.com/news/winklevoss-billionaires-bankrolling-movie-gamestop-191918384.html
apologies for the tangent
Up you go 🚀. Thanks for posting the full article 💜
Holy hell. It’s like they were just tossing darts at a board for their loaning practice. Prison for all of them. All of them. Not just one sorry ass no one has ever heard of this time. All of them. Fucking clowns.
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Are they just pulling names out of their... hats-es?
Thank you for making me not feel like the only kid in the room. Everyone talking about “serious” stuff like crypto and bankruptcies and all I saw was that Butt and mASSa wrote the article. Unfortunate names, I’m sure they’re lovely people.
Thank you!
🥇