Block-fcuking-FI is gone.
We knew that. We've known for some time. But now it's official.
The crypto lending platform emailed its users in the wake of the FTX collapse, admitting it had "significant exposure" to FTX.
The email was sent about four weeks ago and since then, users (myself included) have been waiting for the final nail in the coffin which, as we all feared, was just a matter of time.
And sure enough, just minutes ago, BlockFi announced it "voluntarily" filed for Chapter 11 bankruptcy.
Genesis will also likely die in the coming weeks, as will other major platforms and CEXs.
I have about $170 worth of BTC and ETH stuck in the platform (at the time of writing), which sucks.
I could've bought a pair of Jordans or a Seiko for that.
But I have at least learned my lesson. I spent the last few weeks emptying my exchange accounts, including the ones that are deemed ultra-safe.
In the short term, this is a tragedy.
In the long run, this will be seen as a good thing that came out of a bad situation.
For two reasons.
One, it taught people the importance of self custody.
and two, BlockFI, FTX - these are bad players in the space.
Whether through malice (FTX, almost certainly) or negligence (BlockFi, almost certainly), they have to go.
