Is BlockFi About To Implode?

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In this video, I discuss whether BlockFi is about to implode and freeze withdrawals. There is a lot of speculation that BlockFi is in trouble, having possibly lent crypto to 3 Arrows Capital, which is in the process of being liquidated.

BlockFi has put out statements saying that everything is fine, but their actions speak louder than words: laying off 20% of staff and doing a down round both suggest a cash crunch.

In a crypto bear market, it becomes increasingly important not to leave your Bitcoin at any lending service or on any exchange. "Not your keys, not your coins." If a crypto company files for bankruptcy, your Bitcoin may be considered part of the company's general assets, which would mean that secured creditors will get paid back before you do.

Not investment advice! Consult a financial advisor.

My prediction of Celsius implosion:
https://www.youtube.com/watch?v=cBiJ_8DSnjQ&ab_channel=TraderUniversity

Babel Finance suspends withdrawals:
https://www.coindesk.com/business/2022/06/17/babel-finance-suspends-withdrawals-citing-unusual-liquidity-pressures/

Is BlockFi in trouble too?
https://www.bloomberg.com/news/articles/2022-06-16/blockfi-seeks-to-quell-fear-amid-crypto-hedge-fund-3ac-s-fallout

Large crypto hedge fund being liquidated:
https://www.wsj.com/articles/battered-crypto-hedge-fund-three-arrows-capital-considers-asset-sales-bailout-11655469932

BlockFi refuses to comment on 3AC:
https://twitter.com/BlockFi/status/1537137936549957632

BlockFi says its risk management is good:
https://mobile.twitter.com/BlockFiZac/status/1537499452080115712

BlockFi cuts 20% of staff:
https://www.cnbc.com/2022/06/13/blockfi-cuts-20percent-of-its-staff-as-bitcoin-plunges.html

BlockFi doing a down round:
https://www.coindesk.com/business/2022/06/07/blockfi-valuation-sinks-to-1b-in-latest-funding-round-report/

BlockFi pays $100 million penalty:
https://www.sec.gov/news/press-release/2022-26

Who is BlockFi's primary custodian?
https://blockfi.com/mission/#:~:text=Additionally%2C%20Gemini%20Trust%20Company%2C%20LLC,Services%2C%20is%20BlockFi's%20primary%20custodian.&text=BlockFi's%20vision%20is%20to%20bridge,clients%20on%20a%20global%20scale.

Gemini custodian assets:
https://www.gemini.com/blog/gemini-crypto-under-custody

Gemini only has $200 million in insurance:
https://www.gemini.com/custody

Coinbase 10-Q:
https://d18rn0p25nwr6d.cloudfront.net/CIK-0001679788/89c60d81-41a2-4a3c-86fb-b4067ab1016c.pdf

Kraken Will Freeze Your Bitcoin:
https://www.youtube.com/watch?v=jsM7ldlzj9Y&ab_channel=TraderUniversity

Jesse Powell says to get your BTC off the exchanges:
https://twitter.com/jespow/status/1494462097161220104

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#blockfi
#bitcoin

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