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

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PANews reported on April 3 that Max Kordek, co-founder of the blockchain application platform Lisk, announced on the X platform that the Onchain Foundation (formerly the Lisk Foundation) recovered 44% (USD 2.9 million) of funds from BlockFi. Kordek said that in 2021 and 2022, the Lisk Foundation invested a large amount of money in BlockFi after conducting sufficient due diligence on BlockFi. When things started to get "weird," the foundation withdrew all the funds it was able to withdraw (over $20 million), leaving the remaining $6.5 million locked in a 12-month contract that BlockFi was unwilling to cooperate with Let them withdraw funds in advance. Just about two months before it was able to withdraw all its funds, BlockFi went bankrupt.

Kordek said the foundation has learned its lesson and is now staking Ethereum for passive income and building revenue streams through its products, with the goal of becoming sustainable by 2026.

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