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From BlockFi email today:
> BlockFi today voluntarily filed petitions for Chapter 11 reorganization. You will be able to find the official announcement here.
> This action follows the shocking events surrounding FTX and associated corporate entities (“FTX”) and the difficult but necessary decision we made as a result to pause most activities on our platform.
> Since the pause, our team has explored every strategic option and alternative available to us, and has remained laser-focused on our primary objective of doing the best we can for our clients. These Chapter 11 cases will enable BlockFi to stabilize the business and provide BlockFi with the opportunity to consummate a reorganization plan that maximizes value for all stakeholders, including our valued clients.
> Rest assured, we will continue to work on recovering all obligations owed to BlockFi as promptly as practicable.
> Additional information regarding our Chapter 11 cases, including court documents and claim information, can be found by visiting BlockFi’s claims agent Kroll at https://restructuring.ra.kroll.com/blockfi. Clients with questions about the process may call Kroll at (888) 773-0375 (Toll Free) or (646) 440-4371 (International), or email firstname.lastname@example.org.
> We apologize that communication with our clients has not been as frequent as you have come to expect from us. We look forward to transparency through our reorganization, and will work to keep clients and stakeholders informed as we make progress. You can find additional information about our Chapter 11 process and what this means for you in our FAQ and our blog.
> Acting in the best interest of our clients is our top priority and continues to guide our path forward.
On Saturday, DeFi protocols across the Solana ecosystem began unplugging from Serum for fear that they didn’t know who wielded control – a concern fueled by the late-Friday hack at FTX. The developers once associated with Serum have gone silent. Meanwhile, the protocol’s dependence on Bankman-Fried and his bankrupt companies Alameda and FTX loomed large.
I received 3 emails the last week from BlockFi...luckily I only have about $800 worth of btc on their platform.
Dear Valued Cardholder,
In light of recent developments at BlockFi, we would like to provide a friendly reminder that all terms and conditions of your cardholder agreement still continue to apply. As has been the case thus far, any existing balances or future purchases will need to be paid back per the minimum payment requirements on your card or sooner if you wish to do so. Your repayment activity and account status will continue to be reported to the credit bureaus. We look forward to continuing to serve you as our customer and address any questions you may have about this notification. Please don't hesitate to contact us using the contact information provided on the back of your card. Please review the Cardholder Agreement Terms & Conditions for information about your BlockFi Rewards Visa® Signature Card.
The BlockFi Rewards Visa® Signature Card is issued by Evolve Bank and Serviced by Deserve, Inc., both of which are separate business entities from BlockFi.
Dear BlockFi Clients,
As always, we want to provide important updates to you about our business as transparently, empathetically, and quickly as possible.
We are in the heartbreaking position of sharing the following news with you:
1. We are shocked and dismayed by the news regarding FTX and Alameda. We, like the rest of the world, found out about this situation through Twitter. Given the lack of clarity on the status of FTX.com, FTX US and Alameda, we are not able to operate business as usual.
2. Our priority has been and will continue to be to protect our clients and their interests.
3. Until there is further clarity, we are limiting platform activity, including pausing client withdrawals as allowed under our Terms. We will share more specifics as soon as possible. We request that clients not deposit to BlockFi Wallet or Interest Accounts at this time.
4. We intend to communicate as frequently as possible going forward but anticipate that this will be less frequent than what our clients and other stakeholders are used to.
For further questions, please feel free to contact our Client Success team.
The BlockFi Team
Dear Valued Cardholder,
In light of recent developments at BlockFi, which are beyond our control, we are writing to notify you that purchasing privileges on your BlockFi Rewards Visa® Signature Card are suspended until further notice. As a result, you will not be able to make purchases using your card. However, you will be able to view your transactions activity, download statements and make payments on any outstanding balance. Please don't hesitate to call 1-(833)-426-0304 or email BlockFicard@deserve.com or refer to the contact information provided on the back of your card with any questions.
Your BlockFi Rewards Visa® Signature Card is issued by Evolve Bank & Trust. Please review the Cardholder Agreement Terms & Conditions for more information.
Evolve Bank & Trust
FTX has collapsed last week....it continues to get worse as the days roll by...
SBF has stepped down as CEO
Alameda CEO Caroline Ellison, Sam Bankman-Fried, and two other FTX executives were aware of the decision to send FTX customer funds to Alameda. FTX used customer money to help Alameda meet its liabilities. The companies have filed for bankruptcy and Bankman-Fried has resigned. It could be a long time before bankruptcy proceedings are over and customers are able to recover any of their funds, if any.
Who is SBF and how did he go from being crypto's savior to the man that brought a trillion-dollar industry to its knees? Grab a ☕️, here's the full sordid tale of his rise and fall:
1/ SBF (San Bankman-Fried) was raised by two Stanford Law professors and went to MIT.
In 2017, he founded Alameda Research, a quant trading firm, at just 25 years old. He made millions by trading on Bitcoin's price difference between Asia and the US.
2/ Two years later, SBF launched FTX, which became a top 3 global crypto exchange.
Valued at $32B, the exchange's investors include Sequoia Capital, Paradigm, and Ontario Teachers' Pension Plan.
Sequoia even wrote a glowing profile of SBF that it has since taken down.
3/ SBF's personal wealth rose to $26B.
He used this fortune to:
1. Become the #2 donor to the Democratic party in 2021-2022
2. Host a conference with Tom Brady, Gisele, and other celebs
3. Plaster FTX all over cities and arenas
4. Bail out crypto firms
4/ Alas, the house of cards was destined to fall.
Earlier this month, Coindesk published a report that most of Alameda's holdings were in FTT, a token invented by FTX.
Soon after, CZ (Binance CEO) shares that Binance is selling all of its FTT tokens.
5/ This led to a massive decline in FTT token price, making FTX insolvent.
Binance considers bailing out FTX on Nov 8 and walks away one day later after looking at the books.
6/ The revelations come out like rapid fire.
SBF claims that FTX and Alameda are separate entities.
In reality, "the whole operation was run by a gang of kids in the Bahamas." All 10 of them lived together in a penthouse. The CEO of Alameda is a 28-year-old that SBF reportedly dated.
7/ According to Reuters, SBF secretly moved $10B in customer funds from FTX to Alameda.
$1B of that is now missing, possibly due to a backdoor that was implemented in secret.
Asked about the missing funds, SBF responded: "???"
8/ Last night, millions of dollars started moving from FTX to anonymous wallets.
FTX claims it's a hack but many are saying that it's an insider job.
9/ FTX has filed for bankruptcy and SBF has stepped down.
The new CEO, John Ray III, was the lawyer brought on to clean up Enron.
10/ Billions of dollars have already evaporated but this is far from over.
FTX and Alameda invested in hundreds of companies. One of them, BlockFi, has already paused withdrawals.
11/ I think this debacle has caused permanent irreparable damage to crypto.
It will be a long time (maybe never) before people will trust this industry again.
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