🥛BlockFi returning customer funds?

PLUS: Is Coinbase overpriced or underpriced? Let's take a look at the numbers...                                                                                                                                                                                                                                                                                                                                                                                                                 December 21, 2022 | [Read Online]( GM. This is the Milk Road, the daily newsletter that lights up crypto news like Clark Griswold's Christmas Vacation. Here's what we got for you today: - BlockFi returning customer funds? - Is Coinbase stock undervalued? - The Sandbox sold $1.66m in virtual land - Quick Bites + Milky Meme BLOCKFI WANTS TO RETURN (SOME) USERS' FUNDS 24 days ago, BlockFi joined the crypto bankruptcy club. Anotha one. The good news? It just filed a motion asking a U.S. bankruptcy court to let BlockFi resume withdrawals for certain accounts. [tw profile: BlockFi] BlockFi @BlockFi [tw] Yesterday, we filed a motion requesting the authority to allow clients to withdraw digital assets that are held in their BlockFi Wallet accounts, as it is our belief that clients unambiguously own these assets. Dec 20, 2022 606 Likes 49 Retweets 128 Replies Here's everything you need to know: - Blockfi users could store their crypto on the platform in a Wallet account for secure storage, or an Earn account to earn interest - BlockFi filed the motion on Monday to let customers withdraw their Wallet holdings that have been frozen on the platform - This filing does not apply to customer funds in the interest-bearing accounts - We won’t know for sure if the bankruptcy court will green-light the plan until Jan. 9 In all, BlockFi has more than 100,000 creditors and between $1b - $10b in assets & liabilities. What a year for BlockFi. It went from... One of the fastest growing crypto firms → almost going bust when 3AC collapsed. It survived that by snagging a credit line from FTX in a $680m deal → then filed for bankruptcy when FTX went *kaboom*. But BlockFi's move to file this motion is the smartest thing it's done all year. Celsius similarly said in September that it'd return $50m of the $200m in frozen assets on its platform. A judge ordered it do so this month, but only to users that didn't sign up for its Earn program. Hopefully, BlockFi Wallet users can see the same result soon. IS COINBASE STOCK UNDERVALUED? Coinbase is the top dog when it comes to U.S. crypto exchanges. But even the top dogs can't escape this crypto winter... - A year ago, Coinbase IPO'd & hit an $86b valuation. - Today, the stock is down 90% since & is trading at a $9b valuation. Some are pushing the "panic button" on Coinbase. And things are getting serious over at their HQ. The CEO has pulled out the Bear Market Fit and gone from "just call me Brian" to Mr. Armstrong. But the reality is, it might not be that bad for Coinbase. Let's take a look at some numbers... [tw profile: Matt Hougan] Matt Hougan @Matt_Hougan [tw] Coinbase raised money in 2018 at an $8b valuation. It's currently trading at a $9b valuation. Meanwhile: 2018 Revenues: $520m 2022 Revenues: $3.3b 2018 Users: 22m 2022 Users: 101m 2018 Assets on Platform: $11b 2022 Assets on Platform: $101b Dec 20, 2022 5.92K Likes 648 Retweets 414 Replies Since their last round of private funding in 2018, Coinbase has: 6x'd revenue. 5x'd users. 9x'd assets on the platform. Not too shabby if you ask the Milk Man. TODAY'S EDITION IS BROUGHT TO YOU BY [FUTURE]( I can never find an open machine in the gym during January. Everyone is motivated by their New Year's resolutions to lose the 15lbs they’ve been putting off for years. But by March the gym is empty. Why? It’s hard to stay consistent. You get sick and tired of the same workout routine. And most importantly you don’t have anyone to hold you accountable. This is why [Future]( exists. [Future]( provides 1:1 digital fitness coaching & custom workout programs. With Future you get: - Access to world-class fitness coaches. You get a coach for your specific needs & goals - Personalized daily coaching & custom workouts designed for your body. Whether you work out at the gym, outside, or at home, your coach will adjust your plan to wherever you are that day or week. - Daily contact with the experts. Your coach will track all your progress & check in with you every single day to make sure you’re on track to reach your goals. And guess what? Milk Road readers get their [1st month for free](. Click [here]( to schedule your 1:1 FaceTime call with your coach! SANDBOX SOLD $1.66M IN VIRTUAL LAND The metaverse. It's the buzzword of the year. Yet, no one knows what or where it is. But that hasn't stopped Sandbox from [selling $1.66m in virtual land plots]( over the past few weeks. Here’s how it works: - Sandbox sells a fixed supply of virtual land - Each plot is tied to an NFT, giving owners digital ownership to that lanD - Big brands have been buying virtual land to build cool experiences for consumers The fact that virtual land is selling means people are still hoping it’ll pay off in the future. Who knows what that'll actually look like though... QUICK BITES [Core Scientific, one of the largest Bitcoin miners in the world, has filed for Chapter 11 bankruptcy.]( *sigh* the Chapter 11 list just gets longer & longer... [Celsius (bankrupt lender) has 30+ potential bidders for its various assets.]( A judge also granted a motion to resume withdrawals for a few Celsius users. A Christmas miracle? [Samuel Bankman-Fried has signed his extradition papers back to the U.S.](He's supposed to touchdown back in the States later today. [Visa dropped a proposal for an automatic payments system using Ethereum smart contracts.]( MILKY MEME That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter [(@MilkRoadDaily)]( Share The Milk Road You currently have 0 referrals, only 1 away from receiving An Inside Look At What The Crypto Whales Are Betting On. [An Inside Look At What The Crypto Whales Are Betting On]( [Click to Share]( Or copy and paste this link to others: [ INTERESTED IN ADVERTISING ON THE MILK ROAD? [Fill out this survey]( and we'll get back to you soon! What'd you think of today's edition? - [🥛🥛🥛🥛🥛 F**king great]( - [🥛🥛🥛 Meh, do better]( - [🥛 You didn't bring the heat]( ROADERS REVIEW VITALIK PIC OF THE DAY [tw profile: Milk Road] Milk Road @MilkRoadDaily [tw] That’s gotta hurt Dec 21, 2022 10 Likes 1 Retweets 1 Replies DISCLAIMER: None of this is financial advice. 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