- BlockFi advisor Mark Renzi said that BlockFi was completely unlike FTX, but laid the lion's share of the blame at the feet of many others: on the broader markets, on bankrupt hedge fund Three Arrows Capital, and on FTX.Investors, like at FTX, Voyager, and Celsius, are now left in limbo, with no access to their funds.According to Renzi, exposure to two successive hedge fund failures, the FTX rescue, and broader market uncertainty all conspired to force BlockFi into bankruptcy.Renzi is keen to underscore that from his point of view, BlockFi doesn't "face the myriad issues apparently facing FTX."Traditional third-party investors were scared off by "unfavorable" market conditions, Renzi said in a filing, forcing them to turn to FTX just to make good on customer withdrawals."