[Sumpter]

According to the SEC, BlockFi misled investors about the level of risk they were taking on by lending out their crypto assets, and that they didn’t have the information they needed to make appropriate investment decisions.

• The charging document states that
  approximately 24% of institutional crypto asset loans BlockFi made in
  2019 were over-collateralized. In 2020, that number was 16%, and in 2021
  it was 17%.

https://www.axios.com/sec-ratchets-up-crypto-crackdown-blockfi-settlement-d030fdf9-a46f-4d8a-94f5-9932c3b89d51.html