Home » Markets » BlockFi user explains how FTX collapse cost him $2,500 following crypto lenders’ ‘significant exposure’
BlockFi user explains how FTX collapse cost him $2,500 following crypto lenders’ ‘significant exposure’
FTX fallout: How long will crypto regulation take?
Floating Point Group co-founder Kevin March discusses if cryptocurrencies can prove to be a valid business model after the FTX scandal on ‘The Claman Countdown.’
After the collapse of the crypto exchange FTX nearly two weeks ago, it is still unclear how devastating Sam Bankman-Fried's influence will be on the crypto industry.
Ensnared in the fiasco is Steve Snowden who lost upwards of $2,500 in cashback rewards on the crypto-lending platform BlockFi.
"Whenever everything did collapse, they [BlockFi] just froze the account overall. So there was nothing you could pull the money out from. It was just plain as that," the investment adviser representative told Fox News Digital.
"I was very fortunate I transferred a lot of my bitcoin to cold storage where you should be holding it because no keys, no crypto."