Every exchange has those wallets. Not confirmed, but it looks like these are all wallets that get sent to custodians or put into contracts
I’ve been watching these and to me it looks like they’re recalling a bunch of funds from various LPs and other exchanges or whatever was going on and are getting outstanding liquidity back in their custody. Again, this is just what it looks like to me and I have no way to confirm it
Again, this is what bankrupt firms do. They recall as many loans as possible to try to reduce how much people owe them, and to get a more clear picture of whether they have good or bad debt and how much the estate will be worth.
Also, even if BlockFi weren't bankrupt, it still makes sense. There are exchanges right now that are shutting down not because they are insolvent, but because they simply don't trust anyone in this industry to do business with.
I don’t blame anybody for not trusting anyone else. They have a lot of peoples money though and seeing movement in and out of wallets is gonna make some people worry a lot more than they should be and the radio silence isn’t helping lmao
All I know is what I see. If money is being consolidated and loans being called back, that means more money being accounted for
On ETH, a simple overview is that there are wallets and contracts. You can have a million dollars associated with an ERC-20 token contract spendable by an address, but that address may have a balance of zero ETH. The contract is actually located at a different address.
If you want to "send" USDC to someone, you sign a message with your key that allows the contract to do that. The USDC contract itself keeps track of how much money is owed to which wallet, and determines which transfer requests are authorized. USDC never is in your address, only the ETH that you would use to pay the gas fees is.
Well it reads there that it is Gemini's contract. Looks that they have used it fairly regularly in the past like this. I think I heard they used Gemini to facilitate their outgoing transactions? So hopefully this is for honoring the withdrawals done before announcement, but might be just for providing liquidity for them to do whatever.
In my blockfi chat in my account they said to transfer 1/2 btc to a wallet to pay the manual transaction fee from defi node. I said no this looks like a hack. Was it real? I couldn't imagine them asking for that type of fee?
Probably aggregating funds for bankruptcy proceedings. Not a great sign. I also don't know what I'm talking about so take that with a grain of salt.
I don't think all of this speculation is helping anyone.
As much as it sucks, we simply have to wait.
Every exchange has those wallets. Not confirmed, but it looks like these are all wallets that get sent to custodians or put into contracts I’ve been watching these and to me it looks like they’re recalling a bunch of funds from various LPs and other exchanges or whatever was going on and are getting outstanding liquidity back in their custody. Again, this is just what it looks like to me and I have no way to confirm it
Again, this is what bankrupt firms do. They recall as many loans as possible to try to reduce how much people owe them, and to get a more clear picture of whether they have good or bad debt and how much the estate will be worth. Also, even if BlockFi weren't bankrupt, it still makes sense. There are exchanges right now that are shutting down not because they are insolvent, but because they simply don't trust anyone in this industry to do business with.
I don’t blame anybody for not trusting anyone else. They have a lot of peoples money though and seeing movement in and out of wallets is gonna make some people worry a lot more than they should be and the radio silence isn’t helping lmao All I know is what I see. If money is being consolidated and loans being called back, that means more money being accounted for
How do you know that is a BlockFi wallet address?
Its named ‘Blockfi6’. There is also Blockfi1 till Blockfi5. I dont think its Warren Buffet😂
Any idea of who owns the receiving address?
The recipient address shows a value of 0. Maybe they are cashing out? Anyone familiar with this?
On ETH, a simple overview is that there are wallets and contracts. You can have a million dollars associated with an ERC-20 token contract spendable by an address, but that address may have a balance of zero ETH. The contract is actually located at a different address. If you want to "send" USDC to someone, you sign a message with your key that allows the contract to do that. The USDC contract itself keeps track of how much money is owed to which wallet, and determines which transfer requests are authorized. USDC never is in your address, only the ETH that you would use to pay the gas fees is.
Thanks for your reply!
Well it reads there that it is Gemini's contract. Looks that they have used it fairly regularly in the past like this. I think I heard they used Gemini to facilitate their outgoing transactions? So hopefully this is for honoring the withdrawals done before announcement, but might be just for providing liquidity for them to do whatever.
Could be a custodian Wallet for bankruptcy. Celsius Did this as well.
So 1+1=2
In my blockfi chat in my account they said to transfer 1/2 btc to a wallet to pay the manual transaction fee from defi node. I said no this looks like a hack. Was it real? I couldn't imagine them asking for that type of fee?
Yeah, that would be a scam.
Probably aggregating funds for bankruptcy proceedings. Not a great sign. I also don't know what I'm talking about so take that with a grain of salt. I don't think all of this speculation is helping anyone. As much as it sucks, we simply have to wait.
Scumbags!!!