1 year ago
BlockFi limits its level enactment and pauses lawsuit withdrawals amid the FTX crisis.
In a Twitter post, BlockFi clarified that this is owed to the deficiency of clarity connected the FTX issue. The announcement comes 2 days aft BlockFi COO, Flori Marquez, took to Twitter to stock her views regarding the FTX debacle.
Marquez had previously, successful a bid of Nov. 8 Twitter posts, assured investors that each deposits, withdrawals, trading, and lending were up and running.
1) All @BlockFi products are afloat operational.
— Flori Marquez (@FounderFlori) November 8, 2022
As portion of that announcement, the COO disclosed that BlockFi has a $400 cardinal indebtedness from FTX.US, which volition stay an autarkic entity until astatine slightest July 2023.
Earlier, Sam Bankman-Fried, the CEO of FTX, clarified connected his latest Twitter thread that the caller issues with the speech are related to FTX international, portion FTX.US idiosyncratic funds are safe.
Crypto firms are stressing transparency
As the situation ravaging FTX continues to interaction the crypto space, galore firms successful the manufacture person emphasized transparency arsenic the lone mode to cushion the effect of the situation.
Recall that galore of these firms person got exposed to the troubled FTX. While immoderate firms are hiding this information from their investors, others person chosen to beryllium transparent, opening up connected their narration with the crypto exchange.
Genesis Trading, for instance, successful its Nov. 10 Twitter post, confirmed that its derivative concern has astir $175 cardinal worthy of funds locked successful an FTX trading account. However, the steadfast insisted that this vulnerability does not interaction its market-making activities.
As portion of our extremity successful providing transparency astir this week’s marketplace events, the Genesis derivatives concern presently has ~$175M successful locked funds successful our FTX trading account. This does not interaction our market-making activities.
— Genesis (@GenesisTrading) November 10, 2022
Genesis believes its operating superior and nett positions successful FTX are not worldly to its business. It assures investors that the issues ravaging FTX person not impacted the moving of its trading franchise.
Further, Crypto.com, a renowned crypto exchange, has besides pledged to prioritize transparency successful the aftermath of the crisis. Its CEO, Kris Marszalek, promised the speech would merchandise its impervious of reserves audit strategy soon. This, according to him, volition springiness investors successful the speech an penetration into the authorities of its reserves.
Later, the CEO promised to merchandise the database of acold wallet addresses and balances for large assets wrong 24 hours.
https://t.co/pFc4Pz9nFR volition people the database of acold wallet addresses and balances for large assets wrong 24 hours.
Full transparency.
— Kris | Crypto.com (@kris) November 11, 2022
Recall that the speech had, successful the aftermath of the FTX saga, suspended the withdrawal of Solana and deposits of USDT and USDC; however, the CEO aboriginal confirmed that USDT and USDC connected different chains run normally.
The station BlockFi halts withdrawals amid FTX crisis, Genesis Trading, Crypto.com stress transparency appeared archetypal connected CryptoSlate.
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