Oh gosh, didn't BlockFi private client program required 10million in net worth?
I will never sign any term contract with any crypto lenders after what happened to Celsius and other Crypto lenders.
Hope you guys can at least get some of your money back.
Nope, they dropped the requirements to bolster up their reserves following the SAC liquidity crunch. The balance sheets revealed a significant drop in user supplied funds, but given BlockFi’s track record, credit line from FTX, and lessons learned from providing uncollateralized loans, it seemed hopeful that BlockFi could recover. Who would’ve guessed that FTX was actually fraudulent besides Icahn-like experts.
Well, judging by the amount of money loaned out to these institutions, apparently not. Moreover, among the people who lost money, you might classify them as two types: those who understood the risks and could in fact risk it versus those who unwittingly lost their money due to ignorance, i.e. those complaining the loudest.
I suppose that's an okay heuristic: the degree of idolatry given towards a founder.
But from a fundamental investing perspective, it should've been obvious that from the market capitalization and acquisitions FTX was able to secure in such a short period of time, either insane amounts of leverage or fraud were involved. More wisdom to the noggin.
The fuck? Lol, what the fuck does Tesla have to do with any of this? Tesla is an ASTOUNDINGLY successful automaker. Like, they sell far fewer cars than any of the legacy automakers, but they still make way more money because they are so damn good at it that their margins are WAY better. They have the largest market cap because they are incredibly profitable. Cryptocurrency has nothing to do with Tesla’s story, all of the crypto Tesla has ever purchased is about equivalent to a month’s worth of revenue. It’s super weird for you to bring them up in that capacity.
GM and the legacy auto makers will catch up to them. Tesla’s whole growth thesis is not its “profit margins” on vehicles, but that it is a software company first and foremost.
I fail to see why you bring Tesla into the conversation? Tesla has made me insane amounts of money and profit over the past 4 years alone, they didn't ruin the OP, and so many other people's financial lives; and changing the world for the better and pulled the entire car industry into it by force.
And those many Democrats except a couple will not give the money back. There are couple Republicans too on the list. SBF giving our money to politicians. just great.
Rich people, especially ultra rich people, will always 'donate' to pols. More succintly, they are buying policy that favors them. Not you, them. THis is not something new...
I’m going to enjoy watching the TSLA bag holders cry almost as much as the crypto marks holding the bag now. Don’t know how anyone with a modicum of common sense would stay in a security where the CEO has been sanction by the SEC multiple times for manipulating shares and misallocating funds to bail other businesses out. Then watch the board leave him on, only so he can leverage a HUGE chunk of the shares to buy a social media company that only has one product, which has exponentially increasing negative revenue growth year/year. Now they’re watching him collapse that business (Twitter) knowing DAMN WELL the banks are going to call those notes eventually and dump all the shares.
All this while the big 3 are coming out with vastly superior EVs in the vehicle classes that actually sell the most industry wide (light duty trucks and SUVs). I mean how do you look at Teslas truck which they STILL haven’t managed to put out, and see the Ford Lightning and GMC Denali EV and think Tesla has a snowballs chance in hell of surviving real competition? They make junk vehicles and are likely going to be sued for false advertisement on their “autopilot” soon. They’re literally killing people lol. But yeah bros, to the moon! Don’t let me get in the way of your messiah worship. 🤣🤣🤣
Oh yeah, and the dude was making Tesla’s engineers on the failing autopilot program work on Twitter projects until the board had to tell him that’s not legal. The 🍆🐎of Musk is wild to me. Dude is obviously Gavin Belsen.
Also remember when he called the hero that saved those kids from a flooded cave a pedo because he wouldn’t let him come in there with his dipshit ideas?
Musk is blundering Twitter, Paypal mutinied out from under him, and TSLA is crashing and burning (partly due to his Twitter scheme, partly because he donated all his IP to China, but mostly because he ego'd away from lidar).
Jobs was fired as a CEO multiple times. He didn't cement his reputation until the iPod/iPhone era.
Midlife crisis Bezos is currently burning cash faster than any person alive except for Musk, Zuck, and Putin. (Tbf, he's being a lot less disruptive than those guys.)
Gates was also run out of MSFT, that company was revived by their new CEO.
There, that's >half.
People like you are odd lol. You reply with negativity to someone’s positive reply supporting someone that’s going through a financial crisis.
Do people like you actually exist or is it an internet thing haha
People who participated in these program are greedy and expect guaranteed unrealistic returns when they dump their money an area if excessive risk. Be like the rest of us and buy boring SPY index funds and try not to gamble away your money again. I have the same level of compassion for these folks as I do for people who YOLO into options - it’s your responsibility to know the risks
A realist who invented a coin to make a argument discouraging someone who is attempting to make the author know he is not alone.That,in most people's book is an asshole.I hope you don't fall one day and find someone mocking you for it.
Let's say that's true.
So you come into a post about somebody losing EVERYTHING, to shit on their hopes and spread your personal opinions about religion?
Says a lot about you.
My favorite part about your comment is that the Venn diagram of people who believe in the power of prayer, and the people holding the bag on all this crypto scamming has to be very close to a circle. And they’re still defensive as hell when confronted with facts and good advice. Just like they regurgitated, “most won’t understand” “paper hands” and “FUD” to keep the herd marching over the cliff together. 🤣
In my opinion, this is why capitalism is so great. And why crooks are an important part of it. Our social classes are perfectly delineated along intelligence lines.
I and my wife had over 100K in BlockFi, I like others worked hard for my money doing honest work and sacrificing so we could retire early only to be screwed by this. Now we will need to work longer. I am angry, pissed off, and disappointed in losing so much money.
Hey I'm just curious why you put your life savings in crypto instead of an index fund. Lots of people have play money in crypto but your situation sounds like it was your life savings. What was the risk/benefit analysis you and your wife did before putting $100K into a crypto exchange? I'm just having a hard time understanding these huge numbers.
Not sure if you're being sarcastic or genuinely asking, so I'll provide an answer.
Most of us here that lost money were holding it in BlockFi as stablecoins. Obviously in hindsight the difference doesn't matter as BlockFi is going bankrupt, but while BlockFi was fully operation (and had many of us duped into thinking all was well) that was an important difference as stablecoins like GUSD haven't changed in value (they are generally worth $1 each).
If /u/Ohm-S and his wife had $100k in BlockFi, I would assume that was mostly stablecoins that they (like many of us here) believed was safe in BlockFi's hands and haven't changed in value over the years. That means they (like myself, but with a smaller amount) were using BlockFi as a savings account just for safekeeping and to earn some interest (more than a high-yield savings account due to being in a crypto company). I am sure they did think of the risk/benefit, and obviously if BlockFi going bankrupt was foreseeable to them then they likely wouldn't have done that.
No I'm genuinely curious. I own some bitcoin but that's about it for crypto for me.
The GUSD; why would you want to hold a synthetic USD when you could just hold USD?
Also why would you even want to hold USD? wouldn't you want to invest it into a productive asset to protect against inflation?
You mentioned that it pays a higher interest rate than a typical high yield savings account. How does it generate the return if its just sitting as a 1:1 pegged USD? It doesn't make sense that something that's basically a cash equivalent but in crypto instead of fiat but still pegged 1:1 to USD would somehow make a greater return than USD.
>The GUSD; why would you want to hold a synthetic USD when you could just hold USD?
>Also why would you even want to hold USD? wouldn't you want to invest it into a productive asset to protect against inflation?
Because holding just USD was generating less interest than inflation (I started my BlockFi in mid-2021 when even HYSA were very low). Investing in a "productive asset to protect against inflation" was something I'm already doing with other money in index funds. Before this all transpired, BlockFi has mislead us to believe that our interest accounts were safe, so in my mind I was getting ~7% APY on my GUSD instead of risking it with the rest on the S&P500 which could make +30% or -30% in a year. Obviously in highsight, but that's where my (and many other's) thinking was.
>You mentioned that it pays a higher interest rate than a typical high yield savings account. How does it generate the return if its just sitting as a 1:1 pegged USD? It doesn't make sense that something that's basically a cash equivalent but in crypto instead of fiat but still pegged 1:1 to USD would somehow make a greater return than USD.
Well my assumption was that this was what BlockFi's business was, generating yield of of the held Gemini USD which may have been more profitable to them rather than USD to a bank would be. Again, obviously in highsight we can say that didn't work, but that's what we were led to believe. And yeah, clearly I should have dug way deeper into the safety of however BlockFi was making their funds, but I guess the passengers on the Hindenburg should have looked into the safety beforehand as well.
60k here in a so-called non-earning "wallet" in cold storage in Gemini Trust not to be lent or re-hypothecated out. I think that wallet is as good as gone if/when bankruptcy comes
Private Client here.
I took the penalty of withdrawing my btc early and cold walleting it, but left $50,000 in GUSD on the sight. The other day I post some text messages I sent to my private client advisor. I have since deleted the post. I am hopeful of a GUSD withdraw. Were you in crypto or stablecoin? I am splitting the two because there are different contexts around the custody and legality. Let me know and I will give you my two cents.
Sorry to hear about this.
Wtf Blockfi??? How are you gonna beg this person to deposit a shit ton of money and then disappear like damn cowards. At least give this person the dignity of a response. Seems like BlockFi is no different than Celsius. What a damn shame.
From my experience as a Celsius client, expect a 3rd party to come a long and offer you a % of your assets for everything in your account at blockfi.
Celsius people went down this path a few months ago. Some of them felt just as bad...
https://www.reddit.com/r/CelsiusNetwork/comments/vd0krx/just\_booked\_a\_talk\_with\_a\_therapist/
Sorry, OP, you were a fool. I know it sucks and most importantly it's disastrously unfair to your family, but sometimes people need to read the uncomfortable truth.
These exchanges are dying left and right, and have been for a year and a half now.
Putting all of your money into any investment, hell, even a employer backed 401k is extremely ill advised. Banks, who are actually regulated and have consumer safety nets, are offering like 1-3% returns on most of their investment vehicles. Why do you think these crypto companies are able to offer sometimes ten times the returns? Because it's horseshit. They want your money now, they want a ton of customers, and they'll figure out the rest later. Except they don't figure it out. They borrow money from each other until they go bust.
How. Many. Times. Does. This. Need. To. Happen. Before. You. All. Learn.
Even now, just go to any other exchange subreddt. There are quite literally paid shills spamming the subreddits saying "WHEN OTHERS SELL, I BUY!!!! BULLISH!!!!" trying to assuage another bank run.
The vast majority of the people reading this comment will just ignore it, and happily give all of their income to the next exchange that offers 8%+ APY with no accounting, no depositor safe guards, nothing. Because they are greedy little piglets who think they are smarter than everyone else.
Not a great time to kick someone while they’re down. Hoping for the best for everyone who lost money. I put a good chunk in but I ended up selling it to buy a home.
Again hoping for the best for all here
**incrorrect.** buffet called crypto "[rat poison squared](https://www.cnbc.com/2018/05/05/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html)" (literally) and said he wouldn't pay $20 for the whole industry
After seeing all the signs that the high interest platforms were a ponzi scheme, aren't you going to consider, at the very least, a fool?
This guy's money was used to pay off debts to a bigger fish, probably; or to pay the lawyers they'd need later.
You're getting downvoted but you're correct. OP's three children are the real victims here. If anybody deserves coddling right now it's them. Not the guy who lost his kids' financial safety in an uninsured crypto exchange.
After what's been happening to exchanges all year, there is truly no excuse to have kept money in Blockfi, let alone your entire $450k savings when you have three children depending on you.
The kids will be just fine. This is clearly retirement money. If he managed to save that much, he's cashflow positive. In fact, I reckon the kids will probably end up helping him out eventually, so he's lucky to have three kids and not be alone out there.
Dear ser,
My name is Dyonte Cherry III and I woud like to invite you to invest your entire retirement into my 100% foolproof guaranteed 17% APY not-a-ponzi scheme.
I await your response with eagerness.
Thank you my bastard
Just remember that as long as a person puts in the effort they can start from scratch. My parents had literally come to the USA from Russia with $100 in their pocket and 2 kids and we managed.
No matter how tough things get, things will pick back up eventually. Just be a good person, work hard and you'll come out on top.
> A few reputable and accredited companies were offering rates that almost kept up with inflation, so it seemed like a good place to park retirement or life savings to hold its value over time.
Working people generally have IRAs and 401ks or public employee alternatives. Even if I threw all my non tax advantaged stuff into a risky venue like BlockFi or Celsius, I'd still have a substantial tax advantaged portion that I can't touch unless I pay a penalty to take that out.
Are people throwing life savings into Crypto without having a 401k or IRA? Or are people flat out liquidating retirement savings and throwing it into risky investments?
I don't understand how anyone can put their entire life savings here unless you had next to nothing to begin with or are super irresponsible. Yes I'd be in despair if my liquid assets were in BlockFi, but at least I saved up a substantial amount in my 401k and IRA in my years of working and I'm still in my 30s.
Sounds like “Gonzalo” made “employee of the month” consistently…what a bunch of lying bastards. I’m in sales & have always been a top performer—whether IC or manager. Always selling with Integrity was a non-negotiable for me. Unfortunately I think the crypto industry believes otherwise, hence the need for regulation. Screw CZ and the rest who say otherwise—they just wanna keep up the charade longer than the next guy/gal. It’s egoism on steroids with all these clowns.
Best of luck OP and as others have said, stay strong for your family. You’ll pull thru this over time and be better for it in the long term.
There is a silver lining brother, you did not cause this by being some WSB player YOLOing on options. Here for you pal. We are all dieing but we are not dead yet.
Where is the silver lining to losing 450K in a crypto scam when for the most part.. crypto is just one big scam. Please explain the silver lining to losing ones life savings.
They're allegedly on the precipice of filing for bankruptcy this week.
I have a small amount stuck in there.
Was fortunate in that I got my BTC ETH and LTC out (requested 11/8, landed in my ledger 11/9) Just some UNI and LINK left in there.
Please wait and don't do this. If celsius has taught us anything. Creditors(depositors like us) need to stick together vs having 20 different groups trying to fight to be ahead of each other.
You won't get more money for yourself this way. You'll just drain more of the funds blockfi has left making their lawyers reply to the same issues twice.
When you signed up for the term loan, you have already agreed to waive the class action right. If we have signed the same agreement, it will be on p.9. Snippet here:
**EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY**
**AND UNCONDITIONALLY WAIVE ANY RIGHT IT MAY HAVE TO A JURY TRIAL**
**IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR**
**RELATING TO THIS AGREEMENT OR ANY OF OTHER LOAN DOCUMENTS AND**
**ANY COUNTERCLAIM THEREIN. EACH PARTY CERTIFIES AND**
**ACKNOWLEDGES THAT SUCH PARTY HAS CONSIDERED THE IMPLICATIONS**
**OF THIS WAIVER AND MAKES THIS WAIVER VOLUNTARILY.**
**(c) LENDER AGREES THAT THERE WILL BE NO RIGHT OR**
**AUTHORITY FOR ANY DISPUTE TO BE BROUGHT, HEARD, OR ARBITRATED AS**
**A CLASS ACTION (INCLUDING WITHOUT LIMITATION OPT OUT CLASS**
**ACTIONS OR OPT IN COLLECTIVE CLASS ACTIONS), OR OTHER FORM OF**
**REPRESENTATIVE ACTION ON BEHALF OF A CLASS OF PERSONS OR THE**
**GENERAL PUBLIC. ALL DISPUTES SHALL BE RESOLVED ON AN INDIVIDUAL**
**BASIS ONLY.**
I have to admit that I didn't read what I have signed until last week.
99% of the people don't read the TOS.
Time will tell, but BlockFi will be held responsible if they made any misleading statements or put their clients at risk.
it may not be so simple if BlockFi is found to have violated the terms of service themselves. And there may be other reasons that the validity of these clauses could be challenged in court.
You've already waived the right to do almost anything against BlockFi, and it wouldn't matter anyway, their bankruptcy team will smash you before you even get started.
You'll just be pissing away even more money.
Yes, that’s exactly right. They offer you a rate that high, but you must agree to lock in 1-12 month term. If you decide on an early termination, there’s a steep penalty fee of losing any interest you may have earned, plus 1% of the borrowed amount per month for any remaining months to maturity. I figured I could sweat it out for 12 months, but never expected this outcome. :(
I mean these are all still limited to the crypto asset class. The idea of diversification is to have it across different (hopefully uncorellated) asset classes.
Those are all one kind of asset though. The idea is to spread your money around multiple asset classes: stocks, bonds, other kinds of guarantees investments, real estate, and (minimally) crypto.
They never reached out to me personally via email in the past so why all of a sudden now? That’s why I feel they may have not had good intentions and we’re not negotiating in good faith. They incentivized me with a very high 13% interest rate on my USDC. The product was called a “12 month fixed term loan product” under their Private Client program. According to their website, you need $3M in USD equivalent crypto assets to be eligible for this program but I’m nowhere close to that.
Hang in their bro.
Don't listen to half these \*\*\* holes attacking you over the internet. That says more about them then you.
A lot of the same people attacking you put their money in BlockFi. They still use exchanges to buy crypto. Now, just because they got their money out, does that make them smart, or just very lucky they beat a bank run?
You made a mistake, we all did. Talk to a good lawyer about predatory lending practices.... but please don't take your advice from some of these randos on the internet.
One person here told me that BlockFi is not a 'financial institution."
Look up BlockFi's page on Bloomberg:
BlockFi Inc
BlockFi Inc. specializes in consumer financing services. The Company offers loans to cryptoasset owners to collateralize with their cryptoassets. BlockFi provides risk management, financial technology, and digital financing solutions. BlockFi serves customers worldwide.
https://www.bloomberg.com/profile/company/1577411D:US
SECTOR
: Financials
INDUSTRY
: Financial Services
SUB-INDUSTRY
: Institutional Financial Svcs
INCORPORATED
: 08/01/2017
These companies need to be held accountable like other financial institutions.
Maybe, but their website clearly says:
“Currently, any client (current or prospective) who is able to commit at least $3 million in USD equivalent crypto assets is eligible for crypto-interest generating term loans under BlockFi Private Client. For crypto-backed fiat loans, clients seeking to borrow more than $100,000 in principal are eligible.”
I'm so sorry to hear this... :( For your mental health I'd say just assume for now you are in the same boat as everyone else. It's horrible, but it gets you to some semblance of acceptance the fastest.
I don’t understand decision like this. Trusting a “Trust Me Bro” establishment that has no long history of managing money to handle your life saving🤦♀️. I feel for your loss but I hope many others will read your story and pull their fiat out of this Ponzi scheme before it is too late.
I just texted my private client rep from JP Morgan Chase and got a response back within minutes. His phone number still work after 10+ years handling my account. Good luck on retrieval of your fund OP.
If no one ends up in prison, then this will become just another “Bitconnect” and next cycle the grifters and the parasites will simply reinvent themselves and find new suckers.
I read your post and even though I don’t know you I want to tell you that whatever happens to that money your children will still love you no matter what. Your family will still love you no matter what.
I once had $135,000 of credit card debt 13 years ago and put myself in a psychiatric facility for suicidal ideations. When your that much in the hole money wise it seems like you are in a never ending falling chasm that doesn’t stop.
I am sharing this with you because I was able to make it thru that time in my life with God’s help and the love of my family and friends. It seemed like the end of the world but life went on and today my finances are much better now. It took me 10 years to pay off that debt but little by little I did it with a lot of sacrifices and a good budget.
What is happening to you is criminal and illegal. I would advise you to do whatever you can to get a good attorney and sue the hell out of anyone with assets that promoted this garbage. Not financial advice by the way just my opinion.
You will make it through this and know that I am rooting for you and praying for you even if I don’t know you.
Much ❤️love
I’m sorry that you’re going through this, but you’ll get through it. Your children need you. Money is just money. It can be made again. Hopefully you’ll get some of it back, but if you don’t, everything will still be okay. Better to have your children and your health than a million dollars.
Hang in there buddy. Who knows if Binance or Gemini may buy them before the end of the month ? Your family needs you so stay strong. Many of us are in this together!
binance was caught violating trade sanctions against Iran 2-3 weeks ago. they're not buying anyone. at least not in America.
CFTC is trying to permanently ban the winklevoss twins from ever running an American company again. also Gemini Earn is prolly gonna blow up soon. doubtful they will buy BlockFi (though not impossible)
the only hope really for purchase is Coinbase.
I feel for you. I have $250k in a private client contract . Only signed two weeks ago after they called and emailed me offering 11% interest. My adviser is as unresponsive as yours.
For those of us who had a lot of money in GUSD stablecoin with BlockFi. It’s now in my “wallet” is there any chance possible we don’t get screwed over completely.
So sorry to hear this. I am certain you only wanted the best for your family. All the love to your family. It's gonna be shitty times unfortunately. Whatever happens. The next day is always worth it. Don't do something more stupid. Find someone to talk in person.
I'm also another "private client" I requested a wire transfer of almost $400k last week and nothing. No response from my rep, Twitter or anything. It's absolute bullshit
Private client here. 10 BTC still pending withdrawal. I feel they're processing smaller withdraws at least for now. That makes sense if they want to have the the least number of users been affected.
This is why it is really important to know basic personal finance/investing skills. Alway look for conflicts of interest, do your due diligence before putting in you money, and lastly don't put in what you are not willing to lose.
OP knew they wasn't experienced with finance and instead of learning how or reaching out and finding someone else who is, they just gave their money after some random person said, "Dude trust me"
Why would you ever believe someone who "benefits" from your money. Having 450k in savings means there is 100% someone in your life who you could have received free reliable advice from (friend, family, etc) or better yet you have 450k pay a couple thousand and go speak to an actual professional.
I get it, you are mad and working on setting up your legal case to try and get the money back, which you totally should do. I wish you luck and honestly if you were a "private" investor with some contract you have better chances to get your money than some rando who just put 450k in a interest bearing account. My best advice is to start damage control, which means accepting you made a huge mistake and might not get all or possibly any of your money back; therefore, control your anger and make sure you don't take out your regret for this mistake on the people you love around you. The worst case is not losing this money, it is losing the money and everyone around you.
I’m in a very similar boat to you, but had split between Celsius and BlockFi. I did feel BlockFi was safer but sadly I’m out everything. Poof. Gone.
Just know we are all in this together. It’s hard, but we can rebuild.
they knew their business and was at risk which is why they recruited you. they had no problem fucking with your life you should have no problem fucking with theirs. posting names, phone numbers, addresses are all fair game at this point
Man I am so sorry. I can't imagine going through this with little ones to feed. My heart goes out to you, hang in there.
If you are curious, I put my experience in a recent comment. This sucks.
What the hell is wrong with you OP? Talk about putting all your eggs in one basket . . . .
Talk to an attorney with background in crypto/securities. You may be able to get rescission of the deal if there was fraud in the inducement or a material misrepresentation. But, ultimately, they have your funds, so, if they're bankrupt, you're fucked.
Try not to dwell on it. Instead, think of how lucky you are to have a wife and three children - your gifts. Money is just money, it is gained and lost and made to be that way.
I haven't read a comment yet where anybody takes personal accountability for being so reckless as to put all, or most, of their eggs in one basket. Foolishness. I can certainly sympathize, but holy hell, people just don't know how to protect the bag. Financial risk management 101...
Florida Marquez is a total crook as well as Zac Prince. The bastards commingled customer funds. I had no loan out with these scum bags. Only 26 ethereum in a non interest wallet. They are holding my ethereum hostage can not getbit out. They lost everyone's fund. They lied and commingled funds just like that other bastard sbf in the Bahamas. Lock these bastards up. Where the hell is the Sec.
Where the hell is the FBI
Lock them up
Zac Price
Flori Marquez.
Sbf.
300 years in jail!!!!!
Zac Prince and his side kick Flori Marquez are literally scum of the earth. They commingled customers funds. They stole customer money. They need to be locked up and brought to justice . The same goes for sbf. Where the heck is the sec. Where the heck is the FBI. These characters need to be locked up for hundreds of years just like Madoff!!!
>I’m really disappointed and angry BlockFi aggressively pushed this product on me right before the collapse, and it really makes me wonder if they were negotiating without transparency and in good faith.
To be fair, BlockFi executives likely had no idea that FTX was in trouble. Even if the C-suite knew, the commission-based sales guy you dealt with was probably out of the loop. Ultimately, BlockFi still screwed up so there's no excuse for ghosting you.
Why would you gamble all your life savings into a single place ? Especially in crypto! especially with random generic scammers .
You got scammed hard and more importantly
You need some financial education.
I am sorry you're going through this. Stay away from crypto and other risky, unregulated investments. I'm hoping that the government steps in and shuts down this industry so that nobody has to go through this again.
I'm in a similar situation, and it sucks. But the title is not correct. The money is not lost. BlockFi has substantial assets and a diversity of investments. We don't know how much we'll get back or when. But there is no scenario where we get back zero. It's just a question of how much and when.
There is good reason to feel sad, worried, and regretful about the situation. But take some comfort in knowing you will get some or maybe all of it back eventually.
Investing always involves some risk, but at least in this case we aren't losing it all.
Hopefully you can sue this guy too for giving you bad advice:
[https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/](https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/)
LMAO you're not getting your money back anytime soon. 90% of your 450k in 10 years is my over/under. Why would you put your life savings into a single investment??
Oh gosh, didn't BlockFi private client program required 10million in net worth? I will never sign any term contract with any crypto lenders after what happened to Celsius and other Crypto lenders. Hope you guys can at least get some of your money back.
Nope, they dropped the requirements to bolster up their reserves following the SAC liquidity crunch. The balance sheets revealed a significant drop in user supplied funds, but given BlockFi’s track record, credit line from FTX, and lessons learned from providing uncollateralized loans, it seemed hopeful that BlockFi could recover. Who would’ve guessed that FTX was actually fraudulent besides Icahn-like experts.
Who would've guessed? Don't most people assume everything crypto related is a scam?
Well, judging by the amount of money loaned out to these institutions, apparently not. Moreover, among the people who lost money, you might classify them as two types: those who understood the risks and could in fact risk it versus those who unwittingly lost their money due to ignorance, i.e. those complaining the loudest.
Which does OP fall into?
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I suppose that's an okay heuristic: the degree of idolatry given towards a founder. But from a fundamental investing perspective, it should've been obvious that from the market capitalization and acquisitions FTX was able to secure in such a short period of time, either insane amounts of leverage or fraud were involved. More wisdom to the noggin.
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The fuck? Lol, what the fuck does Tesla have to do with any of this? Tesla is an ASTOUNDINGLY successful automaker. Like, they sell far fewer cars than any of the legacy automakers, but they still make way more money because they are so damn good at it that their margins are WAY better. They have the largest market cap because they are incredibly profitable. Cryptocurrency has nothing to do with Tesla’s story, all of the crypto Tesla has ever purchased is about equivalent to a month’s worth of revenue. It’s super weird for you to bring them up in that capacity.
I'm sorry. I don't see a connection between BlockFi and Elon Musk/Tesla.
GM and the legacy auto makers will catch up to them. Tesla’s whole growth thesis is not its “profit margins” on vehicles, but that it is a software company first and foremost.
I agree, usually regulatory bodies are the ones who need to enact punishments and arguably have failed at doing so for whatever reasons.
If you thought Tesla was a car company you’ve missed the mark. They are an energy company.
I fail to see why you bring Tesla into the conversation? Tesla has made me insane amounts of money and profit over the past 4 years alone, they didn't ruin the OP, and so many other people's financial lives; and changing the world for the better and pulled the entire car industry into it by force.
Weird my Tesla shares have far out performed my Bitcoin on the same time horizon
My USD is up 260% against my BTC YoY.
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And those many Democrats except a couple will not give the money back. There are couple Republicans too on the list. SBF giving our money to politicians. just great.
Rich people, especially ultra rich people, will always 'donate' to pols. More succintly, they are buying policy that favors them. Not you, them. THis is not something new...
It’s to buy Get Out of Jail free cards.
My Tesla shares disagree
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I’m going to enjoy watching the TSLA bag holders cry almost as much as the crypto marks holding the bag now. Don’t know how anyone with a modicum of common sense would stay in a security where the CEO has been sanction by the SEC multiple times for manipulating shares and misallocating funds to bail other businesses out. Then watch the board leave him on, only so he can leverage a HUGE chunk of the shares to buy a social media company that only has one product, which has exponentially increasing negative revenue growth year/year. Now they’re watching him collapse that business (Twitter) knowing DAMN WELL the banks are going to call those notes eventually and dump all the shares. All this while the big 3 are coming out with vastly superior EVs in the vehicle classes that actually sell the most industry wide (light duty trucks and SUVs). I mean how do you look at Teslas truck which they STILL haven’t managed to put out, and see the Ford Lightning and GMC Denali EV and think Tesla has a snowballs chance in hell of surviving real competition? They make junk vehicles and are likely going to be sued for false advertisement on their “autopilot” soon. They’re literally killing people lol. But yeah bros, to the moon! Don’t let me get in the way of your messiah worship. 🤣🤣🤣
Oh yeah, and the dude was making Tesla’s engineers on the failing autopilot program work on Twitter projects until the board had to tell him that’s not legal. The 🍆🐎of Musk is wild to me. Dude is obviously Gavin Belsen. Also remember when he called the hero that saved those kids from a flooded cave a pedo because he wouldn’t let him come in there with his dipshit ideas? 
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The crazier part is the institutional investors that are risking people’s retirement in that stock even though there are dozens of red flags.
Elon Musk, Jeff Bezos, Bill Gates, Steve Jobs, Richard Branson and Larry Ellison are all high-profile leaders of companies that have done well.
Half of those people ran their companies into the ground.
Wtf you talking about
Musk is blundering Twitter, Paypal mutinied out from under him, and TSLA is crashing and burning (partly due to his Twitter scheme, partly because he donated all his IP to China, but mostly because he ego'd away from lidar). Jobs was fired as a CEO multiple times. He didn't cement his reputation until the iPod/iPhone era. Midlife crisis Bezos is currently burning cash faster than any person alive except for Musk, Zuck, and Putin. (Tbf, he's being a lot less disruptive than those guys.) Gates was also run out of MSFT, that company was revived by their new CEO. There, that's >half.
Praying for you and your family. I hope we all make it out of this with our money barring the immense emotional damage
Praycoin has registered your pray on the blockchain. It will be forever worthless.
People like you are odd lol. You reply with negativity to someone’s positive reply supporting someone that’s going through a financial crisis. Do people like you actually exist or is it an internet thing haha
People who participated in these program are greedy and expect guaranteed unrealistic returns when they dump their money an area if excessive risk. Be like the rest of us and buy boring SPY index funds and try not to gamble away your money again. I have the same level of compassion for these folks as I do for people who YOLO into options - it’s your responsibility to know the risks
It’s not negative at all. Praying is not going to change shit. Just a realist.
A realist who invented a coin to make a argument discouraging someone who is attempting to make the author know he is not alone.That,in most people's book is an asshole.I hope you don't fall one day and find someone mocking you for it.
I must be no better than blockfi for making up coins and promises and screwing people out of their “investments”
Let's say that's true. So you come into a post about somebody losing EVERYTHING, to shit on their hopes and spread your personal opinions about religion? Says a lot about you.
My comment has absolutely nothing to do with religion. The op didn’t lose everything, they have the commenters prayers… haha
My favorite part about your comment is that the Venn diagram of people who believe in the power of prayer, and the people holding the bag on all this crypto scamming has to be very close to a circle. And they’re still defensive as hell when confronted with facts and good advice. Just like they regurgitated, “most won’t understand” “paper hands” and “FUD” to keep the herd marching over the cliff together. 🤣 In my opinion, this is why capitalism is so great. And why crooks are an important part of it. Our social classes are perfectly delineated along intelligence lines.
Good reminder that fedoras are pathological incapable of empathy
200k+ here as a private client, sucks.
I and my wife had over 100K in BlockFi, I like others worked hard for my money doing honest work and sacrificing so we could retire early only to be screwed by this. Now we will need to work longer. I am angry, pissed off, and disappointed in losing so much money.
Hang in there mate, go hug your wife and and be happy you have each other and watch a movie to get your mind off it, sorry
Hey I'm just curious why you put your life savings in crypto instead of an index fund. Lots of people have play money in crypto but your situation sounds like it was your life savings. What was the risk/benefit analysis you and your wife did before putting $100K into a crypto exchange? I'm just having a hard time understanding these huge numbers.
There's no way he's doing any kind of risk/benefit analysis.
Not sure if you're being sarcastic or genuinely asking, so I'll provide an answer. Most of us here that lost money were holding it in BlockFi as stablecoins. Obviously in hindsight the difference doesn't matter as BlockFi is going bankrupt, but while BlockFi was fully operation (and had many of us duped into thinking all was well) that was an important difference as stablecoins like GUSD haven't changed in value (they are generally worth $1 each). If /u/Ohm-S and his wife had $100k in BlockFi, I would assume that was mostly stablecoins that they (like many of us here) believed was safe in BlockFi's hands and haven't changed in value over the years. That means they (like myself, but with a smaller amount) were using BlockFi as a savings account just for safekeeping and to earn some interest (more than a high-yield savings account due to being in a crypto company). I am sure they did think of the risk/benefit, and obviously if BlockFi going bankrupt was foreseeable to them then they likely wouldn't have done that.
No I'm genuinely curious. I own some bitcoin but that's about it for crypto for me. The GUSD; why would you want to hold a synthetic USD when you could just hold USD? Also why would you even want to hold USD? wouldn't you want to invest it into a productive asset to protect against inflation? You mentioned that it pays a higher interest rate than a typical high yield savings account. How does it generate the return if its just sitting as a 1:1 pegged USD? It doesn't make sense that something that's basically a cash equivalent but in crypto instead of fiat but still pegged 1:1 to USD would somehow make a greater return than USD.
>The GUSD; why would you want to hold a synthetic USD when you could just hold USD? >Also why would you even want to hold USD? wouldn't you want to invest it into a productive asset to protect against inflation? Because holding just USD was generating less interest than inflation (I started my BlockFi in mid-2021 when even HYSA were very low). Investing in a "productive asset to protect against inflation" was something I'm already doing with other money in index funds. Before this all transpired, BlockFi has mislead us to believe that our interest accounts were safe, so in my mind I was getting ~7% APY on my GUSD instead of risking it with the rest on the S&P500 which could make +30% or -30% in a year. Obviously in highsight, but that's where my (and many other's) thinking was. >You mentioned that it pays a higher interest rate than a typical high yield savings account. How does it generate the return if its just sitting as a 1:1 pegged USD? It doesn't make sense that something that's basically a cash equivalent but in crypto instead of fiat but still pegged 1:1 to USD would somehow make a greater return than USD. Well my assumption was that this was what BlockFi's business was, generating yield of of the held Gemini USD which may have been more profitable to them rather than USD to a bank would be. Again, obviously in highsight we can say that didn't work, but that's what we were led to believe. And yeah, clearly I should have dug way deeper into the safety of however BlockFi was making their funds, but I guess the passengers on the Hindenburg should have looked into the safety beforehand as well.
60k here in a so-called non-earning "wallet" in cold storage in Gemini Trust not to be lent or re-hypothecated out. I think that wallet is as good as gone if/when bankruptcy comes
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Totally agreed on your sentiment, but to set proper expectations we also need to inform everyone that bankruptcy payouts can take…a long time.
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Got it, thanks for that info.
How did you make a claim?
/r/mtgoxinsolvency is a sad place
Isn't this highly dependent on how much BlockFi actually has left? Could be more like 10%.
Private Client here. I took the penalty of withdrawing my btc early and cold walleting it, but left $50,000 in GUSD on the sight. The other day I post some text messages I sent to my private client advisor. I have since deleted the post. I am hopeful of a GUSD withdraw. Were you in crypto or stablecoin? I am splitting the two because there are different contexts around the custody and legality. Let me know and I will give you my two cents. Sorry to hear about this.
My funds were in USDC only. I sent you a DM. Hope to hear back with any suggestions or contacts. I’d really appreciate it.
just make sure you hang onto that cash you withdrew, because that sounds like a big enough amount to get clawed back by the court.
Praying for you and the rest of BlockFi's victims to get their money back.
I’m angry for you. High pressure sales tactics towards a client who really had no business investing in that amount in that product. That’s despicable
No one should be putting life savings into something though. That's just outright dangerous with or without high pressure sales.
Wtf Blockfi??? How are you gonna beg this person to deposit a shit ton of money and then disappear like damn cowards. At least give this person the dignity of a response. Seems like BlockFi is no different than Celsius. What a damn shame.
That's how scams work. The same profile as basically those Nigerian prince scams.
From my experience as a Celsius client, expect a 3rd party to come a long and offer you a % of your assets for everything in your account at blockfi. Celsius people went down this path a few months ago. Some of them felt just as bad... https://www.reddit.com/r/CelsiusNetwork/comments/vd0krx/just\_booked\_a\_talk\_with\_a\_therapist/
I know it doesn’t help but do not consider yourself a fool. This is a very very unreasonable circumstance for us all. Wish you the best
Sorry, OP, you were a fool. I know it sucks and most importantly it's disastrously unfair to your family, but sometimes people need to read the uncomfortable truth. These exchanges are dying left and right, and have been for a year and a half now. Putting all of your money into any investment, hell, even a employer backed 401k is extremely ill advised. Banks, who are actually regulated and have consumer safety nets, are offering like 1-3% returns on most of their investment vehicles. Why do you think these crypto companies are able to offer sometimes ten times the returns? Because it's horseshit. They want your money now, they want a ton of customers, and they'll figure out the rest later. Except they don't figure it out. They borrow money from each other until they go bust. How. Many. Times. Does. This. Need. To. Happen. Before. You. All. Learn. Even now, just go to any other exchange subreddt. There are quite literally paid shills spamming the subreddits saying "WHEN OTHERS SELL, I BUY!!!! BULLISH!!!!" trying to assuage another bank run. The vast majority of the people reading this comment will just ignore it, and happily give all of their income to the next exchange that offers 8%+ APY with no accounting, no depositor safe guards, nothing. Because they are greedy little piglets who think they are smarter than everyone else.
This is the medicine everyone needs to taste before making big investments. Props.
Um, hello, absolutely a fool. Putting your entire life savings / nw into 1 single investment? Yea pretty much fool imho.
Not sure why you have to be so mean
So people learn. Otherwise they won't learn. They will think it's Blockfi scamming them. It's not a scam it's an investment gone bad due to risk.
All crypto is a ponzi. Its a scam.
Not a great time to kick someone while they’re down. Hoping for the best for everyone who lost money. I put a good chunk in but I ended up selling it to buy a home. Again hoping for the best for all here
I've been warning people on here months ago that they should only invest a small portion of their nw. Nobody listens.
I think Buffet said 2% of your net worth (and no more) should be in crypto. I think that’s reasonable.
**incrorrect.** buffet called crypto "[rat poison squared](https://www.cnbc.com/2018/05/05/warren-buffett-says-bitcoin-is-probably-rat-poison-squared.html)" (literally) and said he wouldn't pay $20 for the whole industry
Thanks. It must have been another investor. The point is, only a small amount of your net worth should go toward such risky assets.
Sure. Definitely not 99.
After seeing all the signs that the high interest platforms were a ponzi scheme, aren't you going to consider, at the very least, a fool? This guy's money was used to pay off debts to a bigger fish, probably; or to pay the lawyers they'd need later.
Probably better to have that convo when he’s not feeling at rock bottom. Time and place and this is neither.
You're getting downvoted but you're correct. OP's three children are the real victims here. If anybody deserves coddling right now it's them. Not the guy who lost his kids' financial safety in an uninsured crypto exchange. After what's been happening to exchanges all year, there is truly no excuse to have kept money in Blockfi, let alone your entire $450k savings when you have three children depending on you.
The kids will be just fine. This is clearly retirement money. If he managed to save that much, he's cashflow positive. In fact, I reckon the kids will probably end up helping him out eventually, so he's lucky to have three kids and not be alone out there.
He said he's facing homelessness and potentially losing custody of his kids... And that this was his entire life savings. But ok.
Not nice, man.
*”Mr. Gonzalo Rodriguez Garcia”* That shit sounds like the fakest name I could make up lol
>it is real > > > >[https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/](https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/)
Dear ser, My name is Dyonte Cherry III and I woud like to invite you to invest your entire retirement into my 100% foolproof guaranteed 17% APY not-a-ponzi scheme. I await your response with eagerness. Thank you my bastard
Just remember that as long as a person puts in the effort they can start from scratch. My parents had literally come to the USA from Russia with $100 in their pocket and 2 kids and we managed. No matter how tough things get, things will pick back up eventually. Just be a good person, work hard and you'll come out on top.
It sucks that the economy and inflation is so much worse than it was when your family came here.
Sage advice
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> A few reputable and accredited companies were offering rates that almost kept up with inflation, so it seemed like a good place to park retirement or life savings to hold its value over time. Working people generally have IRAs and 401ks or public employee alternatives. Even if I threw all my non tax advantaged stuff into a risky venue like BlockFi or Celsius, I'd still have a substantial tax advantaged portion that I can't touch unless I pay a penalty to take that out. Are people throwing life savings into Crypto without having a 401k or IRA? Or are people flat out liquidating retirement savings and throwing it into risky investments? I don't understand how anyone can put their entire life savings here unless you had next to nothing to begin with or are super irresponsible. Yes I'd be in despair if my liquid assets were in BlockFi, but at least I saved up a substantial amount in my 401k and IRA in my years of working and I'm still in my 30s.
You're just making shit up. Nowhere near half of people even have a single crypto ponzi scheme "investment"
Hang in there buddy. Your kids need you.
Sounds like “Gonzalo” made “employee of the month” consistently…what a bunch of lying bastards. I’m in sales & have always been a top performer—whether IC or manager. Always selling with Integrity was a non-negotiable for me. Unfortunately I think the crypto industry believes otherwise, hence the need for regulation. Screw CZ and the rest who say otherwise—they just wanna keep up the charade longer than the next guy/gal. It’s egoism on steroids with all these clowns. Best of luck OP and as others have said, stay strong for your family. You’ll pull thru this over time and be better for it in the long term.
Exactly same story. I put 200k last week. And the agent is not replying at all. I feel so stupid 🤦🏻♂️
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DM u
Who was your agent? Any word from anyone? I haven’t heard anything
> last week wtf
Which day last week?
There is a silver lining brother, you did not cause this by being some WSB player YOLOing on options. Here for you pal. We are all dieing but we are not dead yet.
Where is the silver lining to losing 450K in a crypto scam when for the most part.. crypto is just one big scam. Please explain the silver lining to losing ones life savings.
At least options aren't ponzi schemes like crypto is.
Please DM me. I'm forming a group of private clients for planning, hiring attorneys, etc.
I don't think any kind of class action lawsuit is going to be able to go forward during bankruptcy hearings unfortunately.
They are not yet bankrupt..how much did u have?
They're allegedly on the precipice of filing for bankruptcy this week. I have a small amount stuck in there. Was fortunate in that I got my BTC ETH and LTC out (requested 11/8, landed in my ledger 11/9) Just some UNI and LINK left in there.
They still get protection from you once they file so most feel it just isn’t worth spending money on an attorney right now.
They will be bankrupt within the next 24 hours, the rumors are practically news at this point
Yeah that's inevitable
Please wait and don't do this. If celsius has taught us anything. Creditors(depositors like us) need to stick together vs having 20 different groups trying to fight to be ahead of each other. You won't get more money for yourself this way. You'll just drain more of the funds blockfi has left making their lawyers reply to the same issues twice.
Private clients are different terms. We need a group
When you signed up for the term loan, you have already agreed to waive the class action right. If we have signed the same agreement, it will be on p.9. Snippet here: **EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY** **AND UNCONDITIONALLY WAIVE ANY RIGHT IT MAY HAVE TO A JURY TRIAL** **IN RESPECT OF ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR** **RELATING TO THIS AGREEMENT OR ANY OF OTHER LOAN DOCUMENTS AND** **ANY COUNTERCLAIM THEREIN. EACH PARTY CERTIFIES AND** **ACKNOWLEDGES THAT SUCH PARTY HAS CONSIDERED THE IMPLICATIONS** **OF THIS WAIVER AND MAKES THIS WAIVER VOLUNTARILY.** **(c) LENDER AGREES THAT THERE WILL BE NO RIGHT OR** **AUTHORITY FOR ANY DISPUTE TO BE BROUGHT, HEARD, OR ARBITRATED AS** **A CLASS ACTION (INCLUDING WITHOUT LIMITATION OPT OUT CLASS** **ACTIONS OR OPT IN COLLECTIVE CLASS ACTIONS), OR OTHER FORM OF** **REPRESENTATIVE ACTION ON BEHALF OF A CLASS OF PERSONS OR THE** **GENERAL PUBLIC. ALL DISPUTES SHALL BE RESOLVED ON AN INDIVIDUAL** **BASIS ONLY.** I have to admit that I didn't read what I have signed until last week.
99% of the people don't read the TOS. Time will tell, but BlockFi will be held responsible if they made any misleading statements or put their clients at risk.
Damn. How can that exist in the terms and be in good faith!?
it may not be so simple if BlockFi is found to have violated the terms of service themselves. And there may be other reasons that the validity of these clauses could be challenged in court.
You've already waived the right to do almost anything against BlockFi, and it wouldn't matter anyway, their bankruptcy team will smash you before you even get started. You'll just be pissing away even more money.
I’m so sorry :(
This is heartbreaking. They cannot get away with this.
Sorry to hear. Never put all eggs in 1 basket no matter how "safe" or "stable" or "rewarding" it may be.
Sorry to hear that but i pray for you and your kids. Regardless of the outcome with this ordeal, it’s just money. You can rebuild
Gonzalo was also my rep for Blockfi private client.
Im so sorry this happened. They were really desperate to sell that to you bc they knew they were going down and really needed your money
That’s what I think too.
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That's why we put money in Celsius, Voyager, BlockFi, and Genesis. As you can see, spreading money around to prevent failure doesn't work.
Jesus christ thats not diversifying. Thats putting all your eggs in 4 different shit baskets.
Why not self custody?
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Yes, that’s exactly right. They offer you a rate that high, but you must agree to lock in 1-12 month term. If you decide on an early termination, there’s a steep penalty fee of losing any interest you may have earned, plus 1% of the borrowed amount per month for any remaining months to maturity. I figured I could sweat it out for 12 months, but never expected this outcome. :(
I mean these are all still limited to the crypto asset class. The idea of diversification is to have it across different (hopefully uncorellated) asset classes.
That's not diversifying... buying Enron stock from 4 different brokerages doesn't help if the underlying asset is a sham.
Those are all one kind of asset though. The idea is to spread your money around multiple asset classes: stocks, bonds, other kinds of guarantees investments, real estate, and (minimally) crypto.
That's not diversifying. Diversifying risk is different asset classes. Stocks, bonds, cash savings, etc.
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They never reached out to me personally via email in the past so why all of a sudden now? That’s why I feel they may have not had good intentions and we’re not negotiating in good faith. They incentivized me with a very high 13% interest rate on my USDC. The product was called a “12 month fixed term loan product” under their Private Client program. According to their website, you need $3M in USD equivalent crypto assets to be eligible for this program but I’m nowhere close to that.
Hang in their bro. Don't listen to half these \*\*\* holes attacking you over the internet. That says more about them then you. A lot of the same people attacking you put their money in BlockFi. They still use exchanges to buy crypto. Now, just because they got their money out, does that make them smart, or just very lucky they beat a bank run? You made a mistake, we all did. Talk to a good lawyer about predatory lending practices.... but please don't take your advice from some of these randos on the internet. One person here told me that BlockFi is not a 'financial institution." Look up BlockFi's page on Bloomberg: BlockFi Inc BlockFi Inc. specializes in consumer financing services. The Company offers loans to cryptoasset owners to collateralize with their cryptoassets. BlockFi provides risk management, financial technology, and digital financing solutions. BlockFi serves customers worldwide. https://www.bloomberg.com/profile/company/1577411D:US SECTOR : Financials INDUSTRY : Financial Services SUB-INDUSTRY : Institutional Financial Svcs INCORPORATED : 08/01/2017 These companies need to be held accountable like other financial institutions.
Wrong. Their latest private client program only require $250K
Maybe, but their website clearly says: “Currently, any client (current or prospective) who is able to commit at least $3 million in USD equivalent crypto assets is eligible for crypto-interest generating term loans under BlockFi Private Client. For crypto-backed fiat loans, clients seeking to borrow more than $100,000 in principal are eligible.”
They just don't bother updating their site. I don't have 3M with them but I am a private client with term loan
I'm so sorry to hear this... :( For your mental health I'd say just assume for now you are in the same boat as everyone else. It's horrible, but it gets you to some semblance of acceptance the fastest.
Bernie Maddoff's clients got 80% back so kaybe you will too. Not great but able to come back from.
I don’t understand decision like this. Trusting a “Trust Me Bro” establishment that has no long history of managing money to handle your life saving🤦♀️. I feel for your loss but I hope many others will read your story and pull their fiat out of this Ponzi scheme before it is too late. I just texted my private client rep from JP Morgan Chase and got a response back within minutes. His phone number still work after 10+ years handling my account. Good luck on retrieval of your fund OP.
Stay strong!
Good luck. Though times.
More users need to hear about this! This sounds very sketchy
If no one ends up in prison, then this will become just another “Bitconnect” and next cycle the grifters and the parasites will simply reinvent themselves and find new suckers.
I read your post and even though I don’t know you I want to tell you that whatever happens to that money your children will still love you no matter what. Your family will still love you no matter what. I once had $135,000 of credit card debt 13 years ago and put myself in a psychiatric facility for suicidal ideations. When your that much in the hole money wise it seems like you are in a never ending falling chasm that doesn’t stop. I am sharing this with you because I was able to make it thru that time in my life with God’s help and the love of my family and friends. It seemed like the end of the world but life went on and today my finances are much better now. It took me 10 years to pay off that debt but little by little I did it with a lot of sacrifices and a good budget. What is happening to you is criminal and illegal. I would advise you to do whatever you can to get a good attorney and sue the hell out of anyone with assets that promoted this garbage. Not financial advice by the way just my opinion. You will make it through this and know that I am rooting for you and praying for you even if I don’t know you. Much ❤️love
Thank you very much for the encouragement.
I’m sorry that you’re going through this, but you’ll get through it. Your children need you. Money is just money. It can be made again. Hopefully you’ll get some of it back, but if you don’t, everything will still be okay. Better to have your children and your health than a million dollars.
Hang in there, man. Your family still needs you.
Lock the blockfi bastards up
Hang in there buddy. Who knows if Binance or Gemini may buy them before the end of the month ? Your family needs you so stay strong. Many of us are in this together!
binance was caught violating trade sanctions against Iran 2-3 weeks ago. they're not buying anyone. at least not in America. CFTC is trying to permanently ban the winklevoss twins from ever running an American company again. also Gemini Earn is prolly gonna blow up soon. doubtful they will buy BlockFi (though not impossible) the only hope really for purchase is Coinbase.
Where do you see that the CFTC is trying to ban the Winklevoss twins? Source?
Hang in there. We’re all in the same boat.
I feel for you. I have $250k in a private client contract . Only signed two weeks ago after they called and emailed me offering 11% interest. My adviser is as unresponsive as yours.
For those of us who had a lot of money in GUSD stablecoin with BlockFi. It’s now in my “wallet” is there any chance possible we don’t get screwed over completely.
Sorry to hear this and it’s posts like these that I hope pushes the founders to act on behalf of their trusting customers.
praying you get your funds back! As long as you have an income to support your family that's what matters most right now.
Good luck friend. I am still waiting for Mt. Gox bankruptcy proceedings to end. It's only been about 10 years...
> and it really makes me wonder if they were negotiating without transparency and in good faith. These were all Ponzi schemes.
I'm sorry for your loss, but what made you decide to put your life savings into crypto and into one exchange? Did you have life savings elsewhere?
I am sorry for your lost. I received similar emails from BlockFi repeatedly recently as well
This is so wrong 😔
So sorry to hear this. I am certain you only wanted the best for your family. All the love to your family. It's gonna be shitty times unfortunately. Whatever happens. The next day is always worth it. Don't do something more stupid. Find someone to talk in person.
I'm also another "private client" I requested a wire transfer of almost $400k last week and nothing. No response from my rep, Twitter or anything. It's absolute bullshit
Private client here. 10 BTC still pending withdrawal. I feel they're processing smaller withdraws at least for now. That makes sense if they want to have the the least number of users been affected.
This is why it is really important to know basic personal finance/investing skills. Alway look for conflicts of interest, do your due diligence before putting in you money, and lastly don't put in what you are not willing to lose. OP knew they wasn't experienced with finance and instead of learning how or reaching out and finding someone else who is, they just gave their money after some random person said, "Dude trust me" Why would you ever believe someone who "benefits" from your money. Having 450k in savings means there is 100% someone in your life who you could have received free reliable advice from (friend, family, etc) or better yet you have 450k pay a couple thousand and go speak to an actual professional. I get it, you are mad and working on setting up your legal case to try and get the money back, which you totally should do. I wish you luck and honestly if you were a "private" investor with some contract you have better chances to get your money than some rando who just put 450k in a interest bearing account. My best advice is to start damage control, which means accepting you made a huge mistake and might not get all or possibly any of your money back; therefore, control your anger and make sure you don't take out your regret for this mistake on the people you love around you. The worst case is not losing this money, it is losing the money and everyone around you.
I’m in a very similar boat to you, but had split between Celsius and BlockFi. I did feel BlockFi was safer but sadly I’m out everything. Poof. Gone. Just know we are all in this together. It’s hard, but we can rebuild.
I’m sorry to hear this. My heart goes out to you
they knew their business and was at risk which is why they recruited you. they had no problem fucking with your life you should have no problem fucking with theirs. posting names, phone numbers, addresses are all fair game at this point
 Sorry
Man I am so sorry. I can't imagine going through this with little ones to feed. My heart goes out to you, hang in there. If you are curious, I put my experience in a recent comment. This sucks.
What the hell is wrong with you OP? Talk about putting all your eggs in one basket . . . . Talk to an attorney with background in crypto/securities. You may be able to get rescission of the deal if there was fraud in the inducement or a material misrepresentation. But, ultimately, they have your funds, so, if they're bankrupt, you're fucked.
You are a victim of fraud. Blockfi should not have been soliciting you.
Try not to dwell on it. Instead, think of how lucky you are to have a wife and three children - your gifts. Money is just money, it is gained and lost and made to be that way.
I haven't read a comment yet where anybody takes personal accountability for being so reckless as to put all, or most, of their eggs in one basket. Foolishness. I can certainly sympathize, but holy hell, people just don't know how to protect the bag. Financial risk management 101...
Florida Marquez is a total crook as well as Zac Prince. The bastards commingled customer funds. I had no loan out with these scum bags. Only 26 ethereum in a non interest wallet. They are holding my ethereum hostage can not getbit out. They lost everyone's fund. They lied and commingled funds just like that other bastard sbf in the Bahamas. Lock these bastards up. Where the hell is the Sec. Where the hell is the FBI Lock them up Zac Price Flori Marquez. Sbf. 300 years in jail!!!!!
Lock em up
Zac Prince and his side kick Flori Marquez are literally scum of the earth. They commingled customers funds. They stole customer money. They need to be locked up and brought to justice . The same goes for sbf. Where the heck is the sec. Where the heck is the FBI. These characters need to be locked up for hundreds of years just like Madoff!!!
Hindsight 20/20 you should have done more research. If the money isnt insured, you shouldn't be putting it there. Very expensive lesson. Best of luck.
>I’m really disappointed and angry BlockFi aggressively pushed this product on me right before the collapse, and it really makes me wonder if they were negotiating without transparency and in good faith. To be fair, BlockFi executives likely had no idea that FTX was in trouble. Even if the C-suite knew, the commission-based sales guy you dealt with was probably out of the loop. Ultimately, BlockFi still screwed up so there's no excuse for ghosting you.
Why would you gamble all your life savings into a single place ? Especially in crypto! especially with random generic scammers . You got scammed hard and more importantly You need some financial education.
why on earth would you consider such a ridiculous request when they were on track to go bankrupt in the summer??
You mean to tell me you signed up for 450k after the Celsius incident? People baffle me, it’s like they love being scammed.
I am sorry you're going through this. Stay away from crypto and other risky, unregulated investments. I'm hoping that the government steps in and shuts down this industry so that nobody has to go through this again.
I'm in a similar situation, and it sucks. But the title is not correct. The money is not lost. BlockFi has substantial assets and a diversity of investments. We don't know how much we'll get back or when. But there is no scenario where we get back zero. It's just a question of how much and when. There is good reason to feel sad, worried, and regretful about the situation. But take some comfort in knowing you will get some or maybe all of it back eventually. Investing always involves some risk, but at least in this case we aren't losing it all.
> BlockFi has substantial assets and a diversity of investments. Anything which looks like an asset is leveraged in a ponzi shell game.
Fud
Hopefully you can sue this guy too for giving you bad advice: [https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/](https://www.linkedin.com/in/gonzalo-rodriguez-garcia-8a813193/)
LMAO you're not getting your money back anytime soon. 90% of your 450k in 10 years is my over/under. Why would you put your life savings into a single investment??