In an unsurprising, yet sad blow to the overall cryptocurrency industry, BlockFi has officially filed for bankruptcy under Chapter 11. BlockFi has over 100,000 creditors and is in the red somewhere between $1b to $10b.
- This is the next logical step in cascading collapses triggered by FTX earlier this month
- There is a strong possibility that other exchanges will collapse
- Money "evaporating" makes it harder for legitimate projects to maintain funding
This is a great reminder to move any and all assets off of cryptocurrency exchanges, even if you think they are too big to fail. Simply store them in a hard wallet or even Metamask. As long as you protect your keys, these are your safe haven.
It's a tough day to be out here in the blockchain streets, but we will make it together. Just remember to stay decentralized.
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