ALERT: BlockFi

27th June 2022 | Sam Volkering

Over the last couple of days reports have been emerging about BlockFi and its struggle to stay afloat.

BlockFi is one of the platforms that we have highlighted as a way to generate yields from crypto that are far in excess of those available from the traditional finance (or TradFi) banking system. The details were given in our The Future of Banking: how DeFi could pay you a 12%+ MegaYield special report.

Crucially, we also highlighted risks of these platforms as something to consider before utilising them.

At this point, it seems that there are several options which would enable BlockFi to continue operations.

Nevertheless, we thought it prudent to suggest the following precautionary measure:

If you have stablecoins or other crypto on the BlockFi platform, get those stablecoins or crypto off that platform and into self-custody.

Regards,

Sam Volkering
Editor, Frontier Tech Investor

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