It's Been A While

Hello, P0x, it has been some time since I've poked my head in here and made some posts. And let me be honest, it has been a few years since I have even looked into or even owned any Cryptocurrency. It pains me to even say that, but I had good reason! Well, a bad reason actually...

Let's Talk About BlockFi

Who remembers BlockFi? It was an exchange that was US based, and it was a great place to hold assets while earning interest. I had close to $12,000 worth of assets held there during 2020 and 2021. I was earning interest, I was making money, I was feeling like a King... 'Was' being the key word there. 

That was until the FXT scandal a few years ago that affected everyone, some more than others. BlockFi was affected by the scandal as well and of course had to go bankrupt and cause problem for their investors and members. I was included in this number. I lost everything.

All the hard earned money I gained from wonderful places like P0x was gone in an instant. My enthusiasm and interest in crypto and the block chain world was gone in an instant. I never looked back. I shielded myself from the world that so hurt me and brought this pain to me. 

However, it wasn't a complete loss and I hope anyone else affected had the same slight relief that I was able to get recently...

Kroll Distribution 

I had gotten confirmation a little over a year or two ago that there were going to be legal proceedings handled by a fimm by the name of Kroll. They were working to help get a settlement for those that were affected by the issues with BlockFi. They were planning to help get some funds back into the hands of those that lost our on their assets in the exchange. A pretty generous offer considering most people knew the risk involved with holding their assets on an exchange. 

To be honest, at first I didn't think that I would get any of my investment back and I ignored the emails. Well, I didn't completely ignore them because I would indeed read them, but I didn't think anything would ever happen or that I didn't have a large enough investment to be considered for the distribution when things settled. Though I didn't think there would be a day when things finally did get settled. And I was happy to be wrong here. 

A few weeks ago I got an email from the Kroll team asking me to verify my Coinbase account and ensure that it was able to have assets sent to it. On a whim, I decided to download the Coinbase app and looking into my account settings to make sure it was eligible for receiving funds. It took a day or two of uploading new documents but soon I was ready to get funds put into my account. 

But how much would I be getting back? No quantity of assets was being listed, nor if it would be in fiat or a crypto currency for that matter.

A few days when by and a two very small 0.01 USDC transactions were out into my Coinbase account and I had an email saying it was from the BlockFi team. Hmmm, I mean $0.02 is better than getting nothing back. I laughed it off and figured I got my hopes up just for 2 cents.

But yesterday morning, I had a notification telling me that a $634 USDC transaction went into my Coinbase account. I quickly hopped onto Coinbase to check if it was true and to my amazement it was true, but that wasn't the extent of it.

There was a deposit for 0.095 ETH and 0.034 BTC into my Coinbase account. Kroll was able to pull through and distribute 1/4 of my funds that I lost. A 25% return on my lost investment was far more than I thought I would see. 

Looking Forward 

I am now once again a BTH and ETH holder and I think I am going to play it much more safe this time. Coinbase is going to be my new home for crypto. KYC is something that is very much needed and I have no problem using a popular exchange and wallet to hold my assets.

I'm not going to be staking or earning interest anytime soon until I get a feel for the current crypto landscape since I have been out of the game for about 3 years at this point. A lot can change in a market in that amount of time. 

I was happy to be a holder of crypto again though, regardless of how I kept it in the first place, because I miss talking and sharing my entry level understanding of crypto with my friends online and on the forums. I look forward to lurking and posting more and sharing stories such as these with you. 

What About You Guys?

Did any of you lost assets within BlockFi? 

We're any of you able to earn any of your investment back? 

Are you still waiting to get paid out?

Let me know below, I've been itching to see where everyone else that once used BlockFi went.