Took out a loan for $300K and put up 600K worth of BTC as collateral. Market kept going down so I kept posting collateral as needed to keep the loan healthy.
I got an email saying that the loan was being called back because of "indirect exposure to a mixing service"
I appealed the decision because I bought the BTC back in May of 2020 and kept it on my Trezor the entire time. However, since I didn't buy it on an exchange and the person before me mixed it (BISQ) I get absolutely screwed.
In summary I took out a loan when BTC was 65,000, Cost me over $6000 in origination fees, paid two months of loan payments ($2500+), got liquidated at $37,000 a few MINUTES before a pump to $42,000 today because of "indirect mixing exposure" and now I lost more than half of my BTC holdings, have a huge tax bill, and was screwed out of a fortune.
DO NOT USE BLOCKFI LOANS. Worst experience I have ever had in Bitcoin
EDIT: Since everybody keeps saying "Dont take loans to buy crypto" I am adding this comment to the main post
"My bank did not consider BTC as an asset. I took out the loan with the intention of showing the balance in my bank account so I can get the mortgage and was planning on paying off the loans to get my BTC back.
Didnt work out......"
EDIT 2: Most importantly the main problem for me was the P2P nature of the transaction. They literally do not allow you to buy your BTC from any private source that does not perform KYC. This is the biggest piece of fuckery of the entire situation that people need to pay very close attention to. I didnt, and it cost me 100s of thousands
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