BlockFi Misallocates Hundreds Of Bitcoin


Cryptocurrency lending platform BlockFi accidentally deposited significant amounts of bitcoin into users’ accounts while apparently intending to deposit less valuable amounts of a USD stablecoin as part of a promotional rewards program, according to users on Reddit.

In a message on BlockFi’s subreddit, a company spokesperson described the large BTC bonuses as mistakes in its promotional payouts.

“On May 17, 2021, fewer than 100 clients were incorrectly credited with cryptocurrency associated with a promotional payout that did not belong to them,” they wrote. “BlockFi has contacted these clients and is working with them to rectify the issue. The situation does not affect any of BlockFi’s ongoing operations and measures have been taken to ensure that an error like this will not be possible in the future.”

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