PANews reported on November 23 that according to a customer email obtained by The Block, crypto lending company BlockFi has suspended customer loans. The email reads: "Currently, customers are unable to deposit new funds into BlockFi. Therefore, we have placed your loan on administrative hold. Any due payments, including interest and due payments, will be put on hold until further notice. The interest rate on BlockFi loans will be set to 0% starting November 11, adding that margin calls and automatic liquidations at predefined loan value levels are currently suspended. Customers do not have to repay loans that have already matured, nor will they report loan delinquencies to credit bureaus. Loan holders will not pay any late fees for payments."
According to previous news, FTX announced the initiation of bankruptcy proceedings on November 11. On the same day, BlockFi stated that due to the FTX incident, the company could not operate as usual and would suspend withdrawal services.