Users of the app, "Blockfolio" received notification early Tuesday morning, saying the app has closed all services to Black people in a message where the N-word was used.
This industry--and this world--has no place for the racist and hateful sentiments expressed by the competitor. We deeply apologize for all who were exposed to it.
Blockfolio CEO Sam Bankman-Fried
The app was quick to apologize for the incident and began investigating the issue.
We are incredibly sorry about the offensive messages posted today. 1: no funds/etc. were affected; this did not in… https://t.co/N8hl7AEHiM— Blockfolio (@Blockfolio) 1612857380.0
Blockfolio CEO Sam Bankman-Fried took to Twitter to provide updates on the situation, saying the company spent four hours investigating every angle and tracking down leads until they figured out what had happened.
Bankman-Fried says the issue was caused by a competitor app, and they condemn their actions in the strongest way possible.
6) We condemn their actions in the strongest way possible. We have always and will always strive to work with othe… https://t.co/6bmIKEtKWF— SBF (@SBF) 1612872333.0
As a further apology for the incident, Blockfolio gave $10 to all people trading on the app and by the end of the week, they will give $10 to up to 1 million new verified trading accounts.