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I'd return them back but I think it would be nice for the ones who made the mistake to give them 10%.

If this is true, then they are really real amateurs - how else to explain that they replaced some stable coins with BTC and thus rewarded their users? Instead of threatening lawsuits, it would really be better if they offered honest users, say, 10% if they return the rest - some would be very happy to do so, because it is a win-win situation for both parties.

Those who want to take a risk and not return BTC have the option to disappear with the money or face a possible lawsuit since they have passed KYC. Judging by the comments from Reddit, most would still keep BTC - but I still think people are strong on words, and pretty weak on deeds when needed.

I would offer them a refund right away if they would only grant me 5% as a reward for being an honest client ;)

personally? i will send some but not at all, they were lucky that i consider sending them at least 60% of the total amount because how can they Sue me? what is the case/ remember that crypto transfer is irreversible so at any chance i can hold the funds even if they put me in jail ..
and i can stand by that if i want too for the sake of my family's good living, they should not send the amount stupidly and now they are threating me for their own mistakes.

threatened to be sued >>> means they are not sued yet.

I would take all the funds before any court order that diminish my ability to move the country.

I will cash out my 700 btc in cash slowly in some island and live their for the rest of my life.


If they give me reward 500k+ I would give them it back

I agree with you. First of all, it is necessary to show yourself from the human side. In any situation, no matter what it is, you have to be human.

That would be the most sensible thing to do but knowing human behavior and myself, I don't think that I will be able to just settle with a 10% for their mistake, I would probably have all those bitcoin mixed and split into different addresses.

Threaten them back . I’m sure they would love all their licensing/governing bodies to hear about their amateurish business dealings:)

https://i.imgur.com/48XIpPi.png

Source https://www.nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/1873137

Assuming I'm the one in particular i will return it and build my reputation without even them reminding me of anything return, so with that they will be a lot of trust, confidence to whom ever that wants to transact with me.

So in future time that attitude formed will be speaking a good of me without looking for further evidence of trust worthy, and many people within the resignation, will emulate the full step's of me with confidence as a sincerity person.

I don't really know for other person's mindset if it happened to be them, but in another side of it, if the company fails to accept their mistake and keep on threatening that the matter will go to court because of delay in returning the btc, then i have no option to handle over the coin for them to avoid bad image, and good reputation will follow me.

so what's the case they will file to the one who receive the amount? Its not the receivers fault to receive that and receiving that threats coming from them is so annoying maybe I will make their life hard first before I return the amount since its really insulting to receive a harsh message like that.

Maybe they should change their approach since provably it can make the receivers mind think nicely.

I'm always supprised to see how many people think they legally own those funds... Both in the bitcoin world as in the FIAT world...
If i have 20.000€ in my bank account, and i have to pay a contractor, but i mistakingly send my hard-earned money to my car dealership instead, would you think it fair if the car dealer said: "this money is mine now".... Still, a lot of people get sent funds by mistake and think it's just an early christmas present dropped from the sky: it is not, somebody had to work long and hard for that money (most of the time), they mistakingly sent it to you... Keeping it simply feels wrong.

Eventough i'm not a lawyer, my dwindeling sense of ethics, fairness and honesty tells me that it's not because i mistakingly send the money to the wrong account, that it legally belongs to that account owner...

Offcourse, since transactions are irreversible, a lot of people use pseudonyms (or plain fake names), and they likely sent funds to users all over the globe... So i doubt they'll ever get all their money back, even if it's legally theirs...

Does anyone know where I could find the email they sent to their customers?
^{- I'm interested in seeing the extent of those threats...}

I'll return it but I'd also request them to teach that employee a lot of lessons ^{[e.g. Lesson #1: Basics - Always double/triple check]} if they haven't fired him/her yet.
^{- If volatility wasn't an issue, I would've forced them to solve your crossword puzzles first [all of them] ;)}

Is it even possible to use their service and withdraw any meaningful amounts of money without undergoing KYC verification? Because then unless their users are, say, in a country like Russia, Venezuela or in one of the less developed African countries, it's probably a matter of time before they get caught.

There is no point keeping what is not yours, much less arguing that the money wrongfully sent to your wallet is already yours. Secondly, this is not a small amount. You'd be tracked down and sued. You might even end up in prison if you get caught. It is best to just return the money, avoid any unnecessary legal battle against a wealthy company, and probably receive a reward.

On the other hand, have we not heard countless of times of stories where clients end up sending a coin through the wrong network but were not extended help to by the platforms they're using?

I would keep the BTC and take my chances in a courtroom. The worst that can happen would be that you have to return the money. There is legal precedence in the United States where Citibank accidentally transferred $900 million instead of $8 million to a group of lenders and a judge decided that they did not have to give the money back.

I'd just send the money back. It's not worth keeping those money since they legally own those. Yes, even if you fight for those BTC, that company will still win since they can claim that it's a mistake, especially that it's pretty obvious that it is considering the amount of money involve.


And this event is obviously a system error.


The problem here is that those users withdrawed the funds immediately so that forced BlockFi to email them and send those threats. If they haven't done that, then I think those threats wouldn't be sent in the first place.

What I would do (as someone who hasn't received the money by mistake) is that I would remember this mess and would stay away from Blockfi and recommend others to do the same too because they proved that they are incompetent. If they are making a mistake with $30-$35 million what kind of mistake are they going to make with smaller amounts like $100?!

Good luck to Blockfi proving the payment wasn't the promo to that user receiving it :)
I wouldn't give it back for anything less than a million if I were the receiver.

what would be the ground for the lawsuit in this case?

this is the best feature of crypto is that it's irreversible. so if you are not careful and currency is sent, there is nothing else to do but let go. blockfi pleaded for its return. can't blame the user for not returning them, it's a chance of a lifetime, and with 700BTC anyone with that amount today can live comfortably just about anywhere. hope to see an update if it's returned. 

Shit. That's fucked up haha. How did they fuck up this bad? Who is responsible for this? Whoever is, he/she is literally crying the fuck out. How could they mistaken a stable coin for BTC? Anyway, I doubt they can runaway. If the exchange made their customers go through KYC, the can be tracked. What's more funny is that people were able to withdraw it from their exchange. With 700 BTC, anyone can change their identity with just 2 or 3 BTC and hide forever. Live on a developing country. They won't find you there.

Perhaps, they need to negotiate with the receiver (if they know who that person is, but I doubt that is easy because it is hard to know who is he). They can tell the receiver to send back the money to them, but not for all of the money so that the receiver can get 10% of the total money. I think that can make him think twice to return the money to them. But that will depend on the receiver itself because we can't force him/her/them to send the money back. It is about how you can be honest with yourself after you get the money.

The fact that it was credited to me by mistake just shows its their negligence for not double checking before making a transaction. However, still, its not mine thus its just right to return it even its their mistake. A reward would be appreciated if they do so, but if not then still no problem. Its not my hard-earned money anyway and I believe its nice to always choose what's right.

i understand that 700 btc is a huge money but threatening costumer is also unprofesional .
 they can talk calmly and explain what happen because the costumers mood can change . if this happened to me i will first verify if the message came from the legit company and i will not hesitate to return the btc because honestly im a good guy .
 i did even help random people even if im not rich . i will appreciate it if they will send back some btc as a form of reward for my kindness but if not its okay . god will have better plans for me ahead

[

If it was me since they already threatened me I would ask for legal advice.
It isn't a joke and so does the money involved it was their mistake they should have talk nicely.
I would send it back to them since I don't want to drag my family 's life in danger but they shouldn't threatened the receiver.

Well, starting with threatening their users makes them a**holes, but what they're doing is not illegal. I just checked the laws in my country (aswell as some other european country's), and the law seems pretty clear to me (eventough i'm not a lawyer): you can NOT keep money that has been credited to you by accident. Period.

Sure, they should have asked nicely and explained that the money belonged to them... That they accidentally sent it out, but that they need it for their business: it's theirs, they've worked for it, the receiver has little or no right to keep any of it.

I see many people saying they'll seek legal advice, but what will happen? They'll probably end up paying the lawyer AND sending the money back where it came from...
In life, you get confronted with rude people, bully's, a**holes,... The fact they're rude does not make them automatically wrong. I'd just give the money back and never, ever use them again because the way they immediately threaten with legal action without talking first... But it's their money, it does not belong to me (nor ethical, nor legal). I'd probably return everything, but i'd use a small portion of the funds as a transaction fee... I would not pay for the transaction fee out of my own pocket after a mail like that. Running to a lawyer would just be a nice extra for said lawyer, he'd be the only one that made a nice profit out of this situation.

Once again: i'm not a lawyer, this is not legal advice... I'm not affiliated with the mentioned website and reading the way they treat others i'll likely never use them...

Yes I aslo heard about this blunder by BlockFi but how can you be so careless afterall you are transferring 700+ btc to one account without any double check of address and then threatening them with legal suits? But according to the user the transaction was already reversed before he could move the funds off the platform.There was one transaction for 5 btc also deposited by mistake and that user was able to move the funds from BlockFi and they are carrying same mistake.They need to make some serious change in their working otherwise they will be losing more in legal suits and have to shut down their business.They can return the Bitcoins as it was an error but they need to be compensated for the same in respect to that.The funds belong to them and you do not need to own someone's else funds with cheating as in my opinion.

But memes aside, I don't think I'll have any chance to win a case against them should I hire even the best lawyer to defend me and "my coins" for possible reclamation. Also, on most countries, the receiver wouldn't have any legal right to keep the money that was sent to them by mistake, hence it's just losing your own money in the process in false hopes that you will keep the coins for yourself.

I'll take the $500 - $1k reward, I guess. That's not much but it's still something.

Considering each bitcoin worth more than 40K. 700btc is way too much money and I can easily tell you people will kill other people for only one single bitcoin or even less. But I know some other people who don't really care about money and they believe in humanity, so, they would return the money imminently. I was not in such situation and can't imagine myself in this situation. But, I would like to return the money because that's not my money.

I'd return it. I couldn't live calm knowing that all my money came from someone's mistake.

I would definitely return them but will deduct the transaction fees from the balance amount to ensure I am not financially affected. Money is a very strange thing. If you don't earn it, it will never stay with you. So I prefer an honest earning instead of getting rich overnight. So return is the only option I will choose.

BlockFi needs to seriously investigate this matter why it has happened. It's a big mistake which might affect the company as well as its depositors very badly.

Since it's not my money, I would return all of it (excluding the transaction fee, of course). It doesn't matter how much money I got if it's technically stealing. I don't understand how a company could make such a huge mistake, and threatening to sue people probably doesn't sound very encouraging because users surely can get away with this. As for rewarding people if they return the money, it's a nice incentive. In any case, the company's probably ruined because some people won't return the money, and even those who will are going to think of these people as amateurs that don't deserve to operate with finances of their users.

As far as I know the BlockFi company works with systems like crypto trading exchanges, the difference is that they offer loans to their customers, they also have accounts like banks in general, they have strong laws and customer identity.

BlockFi is also one of the companies protected by the New York Treasury, meaning, if something goes wrong like the case the OP mentioned, it might be BlockFi's fault, if that happens to me, I'll be happy to return it to BlockFi, it's useless taking 700Btc, at the end of the prison, maybe if returned the BlockFi company will give bonuses to those who are honest and get the trust of BlockFi.

Not a chance in hell would I send it back, unless it was some nominal amount and wouldn’t be worth my headache.

I’d probably transfer ‘em all to a Chinese exchange, swap them for something else and head to the islands.

Nah. I would leave to other country and withdrawing it in small pieces when i need to. It's their mistake, not mine so why should i care?

For sure i will return it. I know how feels when i get hacked, although it is not hacking thing, but it is same, the BlockFi lose their money. But that is only personal opinion, i believe that we will get what we do. I mean if we do bad thing, we will lose a thing but in different way. I not want it happen to me.

Who is going to accept in public that he won't return?  ;D It is sad that they mistakenly sent it but good thing is it is their own customer so they must have good information about him.
700 BTC is big amount and they will do anything to get it back and they will definitely sue him if he refused to return.
If I were in his place, I would have definitely retuned it back :) Trust me.

That's an interesting case. I'm not sure the company has a legitimate right to those funds and can sue the customers. Do they?
Anyhow, I don't think they're using the right approach here. It was their mistake, I realize that the money is huge and now the company just fears that people will not return the money (and, judging from reddit, not many intend to, talking about creating false identities there :D), but threatening is the worst option here. I think, instead, they should've apologized for the mistake and promised some kind of incentive (money, of course) for the return.

They're acting like total bastards right now, with no client-centricity here whatsoever.

Source: https://www.forbes.com/sites/nicholasgans/2021/05/19/blockfi-mistakenly-deposits-outsized-bitcoin-payments/?sh=2538e2591dd3

They should act on it already instead of threatening. Are there receivers that have actually returned the mistakenly given reward?

I doubt that guy who's received 700 BTC will return it. It's a fortune for him and it's good until he retires and goes old.

Actually, that is a very big amount and with that, I can live very happy forever without thinking about how frustrating searching for money.
however, I am sure that I will not live peacefully because I will feel like a thief forever.

So, If I am one of them, I will return the BTC with or without any commision. I believe in karma where I do something good, I will also get good things.

But, the team has also get a consequence and because that is a very big mistake.

700 BTC is a lot of money for me, maybe I could be hysterical if I experienced this. But I will make the same decision as you, I choose to return
all of them. Because from the start it was not my right, so I only did what I had to do. But it shows their team is so unprofessional that they can
make mistakes of that big.