Anything on BlockFi? I got a really long claim BK form from Kroll. Not sure if worth it for $200 for Xcents-on-the-dollar-
This crypto claims trading site, where you can sell your account recovery, suggests “up to 22%” for BlockFi. Not sure what typical is.
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Things are not looking good for SBF
Bankman-Fried’s Inner Circle Continues to Crumble With Singh Guilty Plea
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Former FTX engineering chief Nishad Singh cooperating with US
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Singh is third former FTX leader to flip against co-founder
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this doesn’t sound so good
- Tether and Bitfinex Banked With Fake Documents, Shell Companies, Documents Show – WSJ
- Company Executives Discussed Ways to Evade Bank Scrutiny, Documents Show – WSJ
- Account Linked to Tether, Bitfinex Used to Launder Funds for Terrorist Group, Documents Show – WSJ
- Tether and Bitfinex Banked With Fake Documents, Shell Companies, Documents Show – WSJ
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Could you believe it? Fraud and crime associated with crypto! Please, say it ain’t so.
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More troubles in crypto land
Silvergate, one of the most important banks in crypto, is in big trouble. Maybe existential trouble.
Silvergate didn’t start in crypto. It started in real estate. But in January 2014, the bank jumped into Bitcoin,
The focus at the bank was institutions — other companies, some of which work with consumers. For instance, Genesis, the now-bankrupt crypto-lending
subsidiary of DCG, was among Silvergate’s early clients
Also among Lane’s clients: FTX. Federal prosecutors are now examining Silvergate’s role in banking Sam Bankman-Fried’s fallen empire. The more pressing problem is that the collapse of FTX spooked other Silvergate customers, resulting in an $8.1 billion run on the bank: 60 percent of its deposits that walked out the door in just one quarter. (“Worse than that experienced by the average bank to close in the Great Depression,” The Wall Street Journal helpfully explained.)
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FDIC already visited Silvergate. This is not the kind of headline you want out of your bank.
The FDIC’s involvement is the latest sign of the urgency of Silvergate’s woes. Last week, the firm said mounting losses may force it to evaluate its viability.
- SILVERGATE IN TALKS WITH FDIC OFFICIALS ON WAYS TO SALVAGE BANK
I’m guessing “no” on the salvaging personally.
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It’s a real bank, that pivoted hard into crypto facilitation of money transfers (laundering?).
And if they can’t salvage it, or maybe even if they can, someone should be, at least, civilly punished. There has to be some kind of responsibility for the geniuses who broke their bank with reckless investments.
And that’s a “no”.
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SVB cash needs and Silvergate liquidation are affecting other financial institutions…
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FDIC will have to regulate these types of operations.
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BlockFi had a lot of $$$ at SVB gasp!
Crytpo lender BlockFi, which filed for bankruptcy in November, disclosed it held $227 million with SVB in a bankruptcy filing Friday. BlockFi said in November it had halted withdrawals after facing “significant exposure” to Sam Bankman-Fried’s FTX exchange, as well as its sister hedge fund Alameda.
BlockFi’s money in SVB is not FDIC-insured because it was in a money market mutual fund, the company learned from its bankruptcy trustee early this week.
I hope this is not Lehman redux /canary in coal mine 
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Other than the fact that the date they are using for converting your crypto to $ value was at a very low point, I found their existing data to be accurate enough that I did not submit any additional form for BlockFi.
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GTK so I’ll not fill out any forms.
Looks like they’ll keep their SVB deposits
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See this post on the social credit thread that is also relevant here
Bitcoin price above $30,000 today
Edit.
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The picture at the article is priceless.LOL
I had prepared to come to the Shaq’s defense, but could find no external evidence to support it. Thus, the lawyers will make some money.
Hey! Don’t come down too hard on Shaq! I don’t know his involvement or lack thereof, but suspect he only saw the profit potential. That doesn’t excuse him or his lack of due diligence, and he may well, deservedly, pay for that. However, he is not a money-grubber … at least multiple interactions. He is all about growing his brand/business, but not at all costs. He could have done that a couple of decades ago.