BlockFi's bankruptcy filing triggers a wide range of community reactions
Some have pointed the finger at podcaster Anthony Pompliano for recently promoting the crypto lending platform.
New
As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed comments as another platform fell during the current bear market.
Although BlockFi cited the FTX contagion as the reason for its bankruptcy filing, podcaster Matt Odell pointed to a different explanation. Odell wrote that the lending platform went bankrupt because it was lending funds to clients to high-risk traders who played with reckless leverage. "It's a story as old as Bitcoin, leverage kills and trusted third parties are security holes," he added.
In a tweet, Mario Nawfal pointed out that BlockFi's bankruptcy filing was something many in the community were anticipating. According to Nawfal, the bankruptcy filing marks the end of an era for the lending and yield platform that was barely able to hang on after the Voyager and Celsius debacles.
With many losing funds in the process, some pointed their forks at entrepreneur and podcaster Anthony Pompliano who introduced them to the lending platform. A Twitter user claimed to have lost most of his savings after listening to Pompliano's podcast recommending BlockFi.
Another community member claimed to have diversified his portfolio by placing funds in FTX, BlockFi, and Bitcoin (BTC), which Pompliano recommended. They noted that...
Some have pointed the finger at podcaster Anthony Pompliano for recently promoting the crypto lending platform.
New
As crypto lending platform BlockFi filed for bankruptcy, members of the crypto community reacted with mixed comments as another platform fell during the current bear market.
Although BlockFi cited the FTX contagion as the reason for its bankruptcy filing, podcaster Matt Odell pointed to a different explanation. Odell wrote that the lending platform went bankrupt because it was lending funds to clients to high-risk traders who played with reckless leverage. "It's a story as old as Bitcoin, leverage kills and trusted third parties are security holes," he added.
In a tweet, Mario Nawfal pointed out that BlockFi's bankruptcy filing was something many in the community were anticipating. According to Nawfal, the bankruptcy filing marks the end of an era for the lending and yield platform that was barely able to hang on after the Voyager and Celsius debacles.
With many losing funds in the process, some pointed their forks at entrepreneur and podcaster Anthony Pompliano who introduced them to the lending platform. A Twitter user claimed to have lost most of his savings after listening to Pompliano's podcast recommending BlockFi.
Another community member claimed to have diversified his portfolio by placing funds in FTX, BlockFi, and Bitcoin (BTC), which Pompliano recommended. They noted that...
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