- This topic has 1 reply, 1 voice, and was last updated 2 months, 1 week ago by hydrated_purple.
- Monday, November 28th, 2022 at 23:45 #413141Official_HALxyzParticipant
In an unsurprising, yet sad blow to the overall cryptocurrency industry, [BlockFi has officially filed for bankruptcy under Chapter 11.](https://finance.yahoo.com/news/blockfi-bankruptcy-filing-november-28-190907854.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAH9S6bycjeHAx-agcKuUzLeYhQ6mg4Zej3Gl4Tu0chjvQpr7RtpaCAZFxJ8uia26btYWWKqnPcKyYRS16uEuldbI6PSoWeX8wagyuaK9SnnJJ4YC5-gpuQvQKMWxl1_2of4x6aB9IjOXeqpxSQ6FSZo6qKWwVIFIQ5J-Tti22cU1) BlockFi has over 100,000 creditors and is in the red **somewhere between $1b to $10b.**
* This is the next logical step in cascading collapses triggered by FTX earlier this month
* There is a strong possibility that **other exchanges will collapse**
* Money “evaporating” makes it harder for legitimate projects to maintain funding
This is a great reminder to move any and all assets off of cryptocurrency exchanges, even if you think they are too big to fail. Simply store them in a hard wallet or even Metamask. As long as you protect your keys, these are your safe haven.
It’s a tough day to be out here in the blockchain streets, but we will make it together. Just remember to stay decentralized.Monday, November 28th, 2022 at 23:45 #413142hydrated_purple
That’s unfortunate. They gave a presentation at AWS reinvent last year that was pretty good and interesting, and make it seem like they were reputable.
Bummed within a year they are bankrupt.
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