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Should we be concern about this and our investment?
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So what led to the penalty? A timeline of events:
- BlockFi amassed hundreds of thousands of users in the US by offering interest-accruing crypto accounts.
- But those accounts needed to be registered as a security with the SEC, which the agency said BlockFi didnât do.
- According to the SEC, BlockFi misled users by downplaying the risk involved in such accountsâthe agency claims that if there were a run on assets, BlockFi wouldnât have been able to maintain interest rates or return crypto to users.
In addition to paying the penalty, BlockFi plans to create and register a new crypto lending product called BlockFi Yield. As of December, the companyâs assets totaled more than $10 billion.âMK
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