DISCLAIMER :
1. I do not have an account with them .
2. This is a longread.

Came to know from some other source that blockfi.com DONOT have a data privacy policy .
Read - https://blockfi.com/terms/ for the details .
I read through their terms and conditions - Here are some points about privacy and security that I am putting across its explanation .

1.Exact words in Terms and Conditions (T&C) -
"The nature of cryptocurrency means that any technological difficulties experienced by BlockFi may prevent the access or use of a customers cryptocurrency. Any bond or trust account maintained by BlockFi for the benefit of its customers may not be sufficient to cover all losses incurred by customers."

Which means - they wont be liable to reimburse you for any loss arising from any acts of hacking/fraud ( even by the founders) might mean that you will lose 100% of your investment. ( remember nicehash hack ? ) - well - its understandable . Also means that you cryptocurrency is not insured and they are not liable for any reimbursement.

2. exact words in T&C -
"You agree to indemnify and hold us and our affiliates harmless from any losses, damages, suits and expenses, of whatever kind, including reasonable attorneys fees, which we may incur in connection with or arising out of your use of your Crypto Interest Account or our activities in connection with such account, .... "

Which means - same as above

3. Moreover, they do not handle your KYC data ( including any ID or SSN numbers etc ). They outsource it to a third party. You cannot hold blockfi liable for any loss of your data - the moment you sign the agreement. ( hackers/ acts of nature etc ). The details of the third party - I am not sure.
Note: ( If any one who knows the third party who is handling the personal documents and SSN - please let everyone know in this thread - I will spend time and do further investigation.

In a nutshell - Even though it looks like a well backed firm, for 5% interest and limited withdrawing powers to the investor, this seems a rather risky proposition.

Quote from: pawanjain on March 20, 2020, 02:42:33 PM

Even if the interest rate is 7% per annum, why would anybody take that kind of risk with their money.
You are basically giving out your money to someone you don't know and hoping to get 7% more in return at the end of 1 year.
You know how good hackers are at hacking such exchanges and services right. I am sure I would never take the risk of investing my money just for a mere 7%.
I would rather hold it in my wallet and hope BTC to increase 7% more than it would normally do.