BlockFi is devoted to offering institutional quality products and services that enable clients to build their wealth. Building wealth comes with the responsibility of safeguarding capital and BlockFi’s withdrawal process was designed to enhance security.
BlockFi has processed nearly $120M in withdrawals of Bitcoin and Ether since launching the BlockFi Interest Account based on current crypto prices. This has helped us refine the balance between speed and security for our customers.* We’ve found that fulfilling withdrawals within 24-48 hours provides the ideal mix between those key elements.
While we are always working to increase speed, we’ve found that implementing a short waiting period has been critical in protecting clients from hacking attempts. For example, BlockFi had one client whose email, phone, and BlockFi account were all compromised by a hacker who then attempted to withdraw the client’s funds. BlockFi’s waiting period provided the client with enough time to reach out to BlockFi via alternate means, confirm his identity, and alert us to the pending issues on his account. BlockFi immediately instituted a freeze on the account and no withdrawals were processed. Our client’s feedback in the aftermath of his ordeal validated BlockFi’s view that sometimes security trumps speed:
“First, thank you for locking down my account and protecting my funds. Your team’s ability to act fast and provide security for my funds has been impressive and has built a large amount of trust. I want to thank you all again for the tremendous help you’ve given me by securing my BlockFi account during this process. I can’t express this gratitude enough.”
In addition to providing valuable time to clients in the event of a security breach, BlockFi maintains enhanced security protocols that may include additional confirmations of return wallet addresses, PII confirmations, photographic evidence, and video conferencing. All of these processes may take time, but we hope they give our clients the comfort that client security is paramount at BlockFi.
Our near-term product roadmap includes additional enhancements such as support for withdrawals to whitelisted addresses only and the additions of beneficiaries.
While BlockFi is thrilled that the recent market bullishness has improved the financial position of our clients, we recognize that our responsibility to our clients has grown in tandem. We remain vigilant and will continue to do our best to protect our clients’ hard earned wealth. As always, please feel free to let us know how we can do better.
You can always submit feedback here or feel free to reach out to our team at firstname.lastname@example.org. We love hearing from you.
– The BlockFi Team