BlockFi has suspended customer loan services, and the loan interest rate will be zero starting from November 11

2022-11-23 09:58:04

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ChainCatcher news, an email from a client obtained by The Block shows that the crypto lending company BlockFi has paused customer loans. The email stated, "Currently, customers are unable to deposit new funds into BlockFi. Therefore, we are placing your loan into administrative forbearance. Any due amounts, including interest and principal payments, will be suspended until further notice. The interest rate on BlockFi loans will be set to 0% starting November 11."

Additionally, margin calls and automatic liquidations based on predefined loan-to-value levels have currently been suspended. Customers are not required to make repayments on loans that are already due, and loan delinquencies will not be reported to credit bureaus. Loan holders will not incur any late fees for missed payments.

ChainCatcher previously reported that BlockFi announced significant risk exposure to FTX and related companies, which has led BlockFi to prepare for layoffs and potentially plan for bankruptcy protection. (The Block)

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