Coin Gabbar Token

<ul><li>Blockfi has announced that it is restricting platform operations and suspending customer withdrawals.</li><li>The company stated in a letter that this decision was made due to a &#34;lack of clarity&#34; on the current situation of FTX.</li></ul><h2 id="header-0">Blockfi, one of the leading cryptocurrency lending platforms, announced on November 10 that it was limiting activity on its platform and halting customer withdrawals due to FTX&#39;s liquidity crisis.</h2>The company cited the &#34;lack of clarity&#34; over the exchange&#39;s position as the primary reason for this move.The company stated in a release that they learned about the <a href="https://www.coingabbar.com/en/crypto-currency-news/ftx-landed-liquidity-crunch-binance-buying" rel="noopener noreferrer nofollow">FTX situation</a> on Twitter as well and were &#34;shocked and appalled&#34; by the development of this issue. Furthermore, the company announced that it would be curtailing its services until further notice because it could not continue operating normally.The company had previously stated that transactions scheduled for Nov. 11 will be rescheduled to Nov. 14. The reason given for it was Silvergate Bank&#39;s observance of the federal holiday of Veterans Day.Finally, Blockfi promised to keep clients updated on future developments. The announcement follows comments made by Blockfi co-founder Flori Marquez. On November 8, 2022, Marquez tweeted that all Blockfi products were fully operational.&#34;Blockfi is a stand-alone company. We have a $400MM line of credit from [FTX US] (not FTX.com) and will remain an autonomous entity until at least July 2023,&#34; Marquez stated.In June, the company acquired a $250 million credit line with FTX, which will be utilized to strengthen its balance sheet. Blockfi co-founder Zac Prince commented on the fate of these funds:“The proceeds of the credit facility will be used as needed and will be legally subordinate to all client balances across all account types.”The agreement between the two companies allowed FTX the option to buy Blockfi for up to $240 million. The company, which had also let off 20% of its workforce in June as a result of the cryptocurrency winter, had also suffered from exposure to <a href="https://www.coingabbar.com/en/crypto-currency-news/us-sec-cftc-will-investigate-failed-hedge-fund-ac" rel="noopener noreferrer nofollow">3AC&#39;s demise</a>, losing $80 million.What are your thoughts on Blockfi&#39;s suspension of customer withdrawals? Please share your views in the comments box below.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news/sec-gary-gensler-warns-crypto-companies-ftx-meltdown" rel="noopener noreferrer nofollow">SEC Gary Gensler warns crypto companies after FTX meltdown</a>

Blockfi Suspends Customer Withdrawals, Cites FTX’s Uncertain Status

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