[Front Office Sports] Last year, Cade Cunningham signed a deal with BlockFi, receiving 100% of his signing bonus in bitcoin. Now, BlockFi is preparing to file for bankruptcy, per @WSJ.

25 comments

1. Couldn’t he just move his bitcoin to an actual wallet?

   All exchanges, no matter the investment, are trash.

2. people will laugh at this but its sad as fuck that these con artist take advantage of these young undereducated guys who don’t know any better. hope he cashed that out as soon as he got it

3. Cade will be fine. He will sign a max contract next year. I feel bad for everyday folks who got swindled of their savings

4. Super smart decision from these athletes to ask for their money in crypto

5. I think it’s just as probable that they agree to say they’re dodging that, get some sponsorship money and then don’t

6. Blockfi is going bankrupt, not bitcoin lol

7. Why are these agents advising these kids on bad financial decisions

8. People don’t seem to understand the difference between a crypto exchange and the actual crypto

9. without knowing the details of the deal or what he did with the bitcoin, this doesn’t tell us anything really

10. It’s funny that anyone trying to clown him is the actual clown cause they clearly don’t understand anything about crypto. He got paid in Bitcoin, through a third party, that has now gone bankrupt. That’s got nothing to do with Cade or the actual bonus

11. weird how i, someone who doesnt know anything about crypto knows more than investors. keep your coin on a private wallet otherwise theres not point in being decentralized in the first place

12. I don’t get it the signing bonus was with BlockFi for Bitcoin. I’m assuming he still owns the BTC. At worse he made money off the deal. It’s not like he got his NBA signing bonus in BTC.

    This tells us nothing.

13. Their bankruptcy shouldn’t really matter to Cunningham.

14. Everyone laughing except this man probably sold all that Bitcoin when it hit 68000 last November this guy probably made bank off that bonus.

15. sheesh

16. did nobody learn from Mt Gox lmao.

17. Yeah but if whomever is handling his money is smart they would have taken that Bitcoin and transfered it out into a cold storage wallet. So it’s off that crypto exchange then when eventually things turn around…

    Like they always do in stocks and crypto and shoot way up one day not anytime soon that Bitcoin will definitely be a good investment

    As long as he took the Bitcoin out of there he still has it and is fine. crypto isnt going away. Eventually Bitcoin will go through it’s down cycle and go way up cuz it’s always done so every time. Hit a new all time high every time that happens. If his money person left it on there then yeah maybe he’s screwed

    I gotta assume with that large amount of Bitcoin it was taken off the exchange

18. Flashy headline that says nothing.

    If Bank of America and Wells Fargo both go bankrupt the American dollar doesn’t become worthless.

19. Should have gone with Wu-Tang Financial and diversified his signing bonus

20. The signing bonus they’re referring to is the signing bonus for his ambassador deal with BlockFi, not with the Pistons. Either way, you can guarantee his representation cashed that shit out day 1.

21. If he got it in bitcoin, the sensible thing to do would have been to immediately move it to ~~FTX~~ ~~Binance~~ USB thumb drive.

22. Hopefully he doesn’t own the bitcoin on blockfi because they have paused withdrawals in light of possible and more than likely bankruptcy

23. To be fair Bitcoin itself is still worth 16x what gold is worth and it’s probably still a reliable medium moving forward. 98% of crypto is a sham but bitcoin is pretty safe

24. LLMAOOOOO

25. First of all, if he left his BTC on blockfi that would be very sad as blockfi would be acting as a bank for him and essentially violated his trust and failed to custody his money safely. The point of bitcoin though is to be your own bank and not have counterparty risk in storage or inflation.

    Secondly, and this isnt targeted at the OP, I’m astounded at how tone deaf and obnoxious people on the internet are about literally the best performed financial asset in the world since 2009.

    The amount of times Bitcoin has been declared dead and then gone on to reward people that have used it as savings by having their purchasing power continually increase is countless and as recent as 15 months ago. Because it has been a niche movement and it is SO common since like 2013 for people to say it’s a failure I’m disappointed more self awareness about how these comments have aged over the years really is.

    It may well fail to see its previous highs again but I’d have thought how silly it’s made people look over and over and over again and how it has punished sellers not buyers I truly wonder when people will gain the humility to say they don’t know where it’ll be in the future.