Money transfer, virtual currency, or money service -- Confusing or missing disclosures -- Complaint #6226778
Complaint Overview
Complaint ID: 6226778
Company: Blockfi INC
Product: Money transfer, virtual currency, or money service
Sub-Product: Virtual currency
Issue: Confusing or missing disclosures
State: California
ZIP Code: 961XX
Date Received: 2022-11-20T12:00:00-05:00
Date Sent to Company: 2022-11-20T12:00:00-05:00
Company Response: Closed with explanation
Timely Response: Yes
Consumer Disputed: N/A
Submitted Via: Web
Consumer Narrative
The BlockFi terms of use state that a users wallet is their own property at all times, and not the property of BlockFi. BlockFi, however, has acted as if it is their property and refused to provide access to, withdrawals of, or otherwise has converted users assets contrary to its own terms of use and without authorization of the users. The Wallets should be returned to each own, especially XXXX assets which were represented to be backed 1:1 from instititutions, thereby knowing that the assets can be withdrawn. Any other action by BlockFi is not legal and is akin to fraud, embezzlement, and stealing of user assets -- especially if such assets are being used to finance BlockFi 's other initiatives or financial problems with separate and distinct loans or related transactions.
Frequently Asked Questions
What is Complaint #6226778 about?
Complaint #6226778 was filed against Blockfi INC regarding Money transfer, virtual currency, or money service specifically about Confusing or missing disclosures. It was received by the CFPB on 2022-11-20T12:00:00-05:00.
How did Blockfi INC respond to this complaint?
The company responded with: "Closed with explanation". The response was timely.
What is the risk level of this complaint?
See the risk assessment section for details on this complaint's risk profile.
How do I file a similar complaint?
You can file a complaint with the CFPB at consumerfinance.gov/complaint. Select the appropriate product category (Money transfer, virtual currency, or money service) and describe your issue in detail.
Can I see other complaints against Blockfi INC?
Yes, visit the Blockfi INC company profile at readthecomplaint.com/company/blockfi-inc to see all complaints, risk scores, and analysis.
Disclaimer
This analysis is AI-generated based on publicly available CFPB complaint data. It does not constitute financial or legal advice.