BlockFi suspends withdrawals after FTX collapse

Crypto lender BlockFi suspended withdrawals and will not be able to operate business as usual given the lack of clarity over the status of FTX, the company said on Twitter. In July, BlockFi brokered a $680 million deal with FTX.US that included a $400 million credit line and an option for FTX to buy the firm for $280 million. Earlier in the day BlockFi said that it would delay the processing of ACH and wire transactions scheduled for Nov. 11 until Nov. 14, due to the observance of Veterans Day by its U.S. based-banking partner Silvergate. It is now unclear whether those delayed transactions will go through. client withdrawals will be paused “as is allowed under our Terms,” the company said. No exact time frame was specified in terms of service restoration.