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Onchain Foundation recovers $2.9 million from BlockFi

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Lisk co-founder Max Kordek wrote on X platform that the Onchain Foundation (formerly Lisk Foundation) has 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. When things started to get "strange," the foundation tried to retrieve all available funds (over $20 million), but $6.5 million was locked in a 12-month contract and BlockFi refused to cooperate in allowing early withdrawal. Just about two months before the Lisk Foundation could withdraw these funds, BlockFi went bankrupt. Kordek stated that the foundation has learned its lesson and is now diversifying its fund storage methods, currently staking Ethereum for passive income and building income streams through its products with the goal of achieving sustainable development by 2026.

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