Free Bitcoin? Lender BlockFi crypto for some users sends them the wrong Bank News

The launcher said it was making wrong promotional payments rather than Bitcoin and is working to fix the problem, but some recipients withdrew the coins before the company backed down.

BlockFi Inc., the initial cryptocurrency lending company, has sent Bitcoin to some users as part of a wrong promotion and that is changing.

The company called the wrong promotions in Bitcoin to some customers who made it in the US dollar. Although BlockFi worked to reverse it, several recipients withdrew the coins before the company backed down. (It was less than 100, the company said.) The company’s exposure is about $ 10 million, though that number is declining as more users return coins, said Zac Prince, one of BlockFi’s founders and CEO.

“BlockFi carries loss reserves within its accounting policies, which is already part of the loss reserves, so it has no negative impact on capital or ongoing platform operations,” Prince wrote in the email. “The problem that caused the withdrawals has been resolved and additional protections have been developed to prevent similar problems in the future.”

Wrong deposits have not affected BlockFi’s ongoing operations and the company is recording a level of trading volume without interruption, he added.

Meanwhile, screenshots of the deposits were taken on social media, with at least one Tweet showing a 700 Bitcoin deposit. Although it has dropped significantly this week, each coin is trading at around $ 34,000 on Wednesday.

Last week, BlockFi tweeted that some of the promotion participants “may see the wrong bonus payment displayed in the transaction history.”

Some customers who participated in the March trade promotion may see an indefinite bonus payment in the transaction history. Our team is working on the repairs and the right amounts will be reflected soon.

– BlockFi (@BlockFi) May 15, 2021

In the meantime, the company sent it to the affected users asking them to return the money.

Am I right in thinking that BlockFi should have sent $ 701 but sent that person 701 Bitcoin? ???? pic.twitter.com/hlFtckSWyA

– Ric Burton @ ‣ ???????? ???????? (@ricburton) May 19, 2021

BlockFi is perhaps the most impressive non-bank cryptocurrency company, offering a wide range of cryptocurrencies, including loans and mortgages, and using cryptocurrency trading platforms. While it has been growing in recent months, it is in the midst of a crypto market rally that is disintegrating this week.

Cryptography company snafu Citigroup Inc. it recalls the company’s $ 500 million mistake when it inadvertently sent payments to a group of lenders last summer.

“As an individual, it was just a problem,” Mike Loukas, CEO of TrueMark Investments, said about BlockFi. “We see dollars with banks all the time. But because it is an unstable asset, the error is exacerbated. “