BlockFi

How it happened

BlockFi was a US crypto lending platform offering interest-bearing accounts and crypto-backed loans, which raised about $1.3B and was valued near $3B in 2021. Regulatory scrutiny and heavy exposure to the collapse of FTX and its affiliates pushed it into Chapter 11 bankruptcy in November 2022, erasing essentially all of its value. Employees saw the cracks early: Glassdoor reviews describe a 2021 hiring spree that overshot, then repeated 2022 layoff rounds many flagged as a warning long before the end. Reviewers said leadership brushed aside internal risk warnings and left the firm dangerously concentrated in FTX and Alameda, and by that autumn staff were openly predicting that a rumored FTX rescue would instead be its undoing.

Employee accounts paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗. See our methodology.