BlockFi — Massive Ponzi Scheme
There are many crypto lending scams active on the market, and I couldn’t possibly cover all of them. So, I’ll be focusing on one of the more popular ones that I’ve done lots of research on myself, BlockFi.
Many big Twitter accounts like Anthony Pompliano have been non-stop shilling BlockFi, are being paid millions to do so. Since 2019, Pomp has posted 943+ tweets advising his followers to invest in this company.
Pompliano, like many (fake) Bitcoin influencers, promote decentralization and security solely for publicity, and engagement. If they truly believed in these ideas, they would NOT be actively involved in a 100% centralized scam that holds users’ private keys, has no assurances, works as a bank, and is unregulated.
In their terms and conditions, it clearly states they are NOT responsible for ANY loss of funds resulting from cyber attacks, or technical difficulties.
In other words, in the future when they ultimately decide to exit scam by faking a hack, they will use this defense in court to protect themselves. And since the majority of investors don’t read the terms and conditions, very few know of these hidden clauses.