April 19, 2021

Community Update: Is FTX/Blockfolio for US?

Community Update: Is FTX/Blockfolio for US?
If you want to share help us get the notice out,

Here at BBB, we have received an overwhelming amount of inquiries regarding our partnership with FTX/Blockfolio after our Q&A session back in February. BBB is the largest Black entity within the space, hosting over 80K members in Clubhouse, and a 15k email list. With that, we have an obligation to serve our people with the best information possible, so you can make the most informed decision with your resources. We thank everyone for your support and look forward to continuing to be a voice that you can trust.

To recap, a short timeline:

February 9th: Blockfolio’s internal messenger system experienced a security breach from an outside actor that posted:

Along with renaming Bitcoin to:

Jason Hamlin, who works on Ecosystems Insights for Blockfolio mentioned it was his account that got hacked.

"It looks like a Blockfolio marketing account was hacked and someone posted disgusting and offensive things under my name. This obviously was not me nor anyone at Blockfolio and does not impact security of funds in any way. The team is working diligently to correct the matter." - Hamlin

And they did, taking full responsibility for the mishap and later connecting with Black Bitcoin Billionaires to find ways to directly collaborate with the community affected most by the incident.

What kicked this introduction off was a Black Bitcoin Billionaire Clubhouse conversation featuring a Q&A with FTX’s CEO, Sam Bankman-Fried, who joined on stage. It was a virtual event that addressed BBB member’s questions resulting in FTX’s commitment towards future partnerships on the platform as a way to reestablish healthy ties and an ongoing relationship with the community. More specifically, offering Black-centric coin listings, sponsoring VC demo days featuring Black entrepreneurs, as well as monthly sponsored Clubhouse engagements. These initiatives left many in attendance hopeful and reassured of the prospective future endeavors.

Since February, many of you who were in attendance have reached out directly to us on the status, given the passage of time. As conversations continued, Blockfolio’s leadership team were gracious and met our ideas with overwhelmingly positive reception. Unfortunately, when logistics developed to a stage of hashing out specific execution items on their end, communication slowed and eventually ceased altogether on March 8th. That is where things stand today.

Typically during a PR fire, after sufficient damage control is achieved, the incentive towards taking further meaningful action becomes less necessary. The gesture to extend a hand empty of any material good has always been a cost-effective way to quell the concerns of a group without forfeiting tangible resources. In a world where alternative options for us were limited, the mere optics of cooperation and solidarity were deemed adequate enough to retain a customer base. Today, however, performative measures that lack tangible follow through falls on deaf ears.

African American’s buying power exceeds 1.4 trillion dollars in spending a year, a group that is becoming more aware of what that influence can do each day. If the population itself were a country it would have the 11th highest GDP in the world, surpassing the likes of Russia, Australia, and Brazil. The options to where we spend our money are vastly increasing and simultaneously tipping the scales of leverage. This, on top of our already dominating cultural influence, is an economic opportunity that boardrooms no longer can afford to dismiss. Our culture moves mountains and our word influences the minds of entire generations. If those boardrooms are unable to update their operating system to capitalize on this existing reality, the community is free to champion any alternative that aligns with our values and make good on their public promises.

#AndTheBeatGoesOn #WeGood.