Onchain Foundation (formerly Lisk Foundation) Recovers $2.9 Million in Funds from BlockFi

03/04/2024 17:37

Lisk co-founder Max Kordek posted on the X platform that the Onchain Foundation (formerly the Lisk Foundation) recovered 44% ($2.9 million) of funds from BlockFi. In 2021 and 2022, the Lisk Foundation placed a large amount of funds on BlockFi after conducting sufficient due diligence on BlockFi. When things started to get “weird,” the foundation tried to withdraw all the funds it could at the time (over $20 million), with the remaining $6.5 million locked in a 12-month contract, BlockFi Unwilling to cooperate and allow them to withdraw funds in advance. Just about two months before the Lisk Foundation was able to withdraw these funds, BlockFi went bankrupt. Kordek said the foundation has learned its lesson in diversifying the way it holds its funds and is now staking Ethereum for passive income and revenue streams built through its products, with the goal of becoming sustainable by 2026.

Bullish

Bearish

More news about "lisk"

Feb 28
Lisk partners with Indonesian Ministry to boost Web3 startup ecosystem
Bullish
Bearish
Feb 27
Indonesia's 1000 Startup Program Embraces Web3 with Lisk
Bullish
Bearish
Feb 27
Decentralized Sidechain Platform Lisk Launches Sepolia Testnet
Bullish
Bearish
Dec 19
Lisk to Collaborate with Optimism and Gelato for Ethereum Integration
Bullish1
Bearish
Dec 19
L1 blockchain Lisk will launch L2 based on Ethereum and plans to airdrop on the new chain
Bullish1
Bearish1
Dec 19
Lisk blockchain will become an Ethereum Layer 2 via Optimism and Gelato
Bullish
Bearish
May 30
Data: Lisk Foundation raises 2440 ETH from Coinbase
Bullish
Bearish
Apr 24
NFT 市场 Colecti 获 Lisk 47 万欧元股权投资
Bullish
Bearish1
Apr 03
Web3 Platform Lisk Launches Accelerator Program for Developers
Bullish1
Bearish1

Creating Lisk Internet: Avalanche Subnet vs Cosmos 2.0
Avalanche and Cosmos 2.0 are two cryptocurrency projects at the forefront of connecting cryptocurrency networks, laying the foundation for a new kind of internet.
CointelegraphOct 21, 2022 1:55 pm

Onchain Foundation (formerly Lisk Foundation) Recovers $2.9 Million in Funds from BlockFi

More news about "lisk"

More news about "lisk"

Creating Lisk Internet: Avalanche Subnet vs Cosmos 2.0