BlockFi CEO’s Key Testimony: Insights Into Alameda’s Financial Stability In F...
The trial against FTX co-founder Sam Bankman-Fried took an intriguing turn as Zac Prince, the CEO of defunct crypto lender BlockFi, provided testimony in a Manhattan federal courtroom. Prince’s appearance provided valuable insights into the intricate relationship between BlockFi, FTX, and Alameda Research. BlockFi’s Bankruptcy Rooted In Alameda And FTX According to a Bloomberg report, Prince revealed that BlockFi had substantial exposure to Alameda and FTX, estimated at around $1 billion, at the time of BlockFi’s failure in November 2022. Prince asserted that if the....
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"We intend to communicate as frequently as possible [...] but anticipate that this will be less frequent than what our clients and other stakeholders are used to." Crypto lender BlockFi has halted client withdrawals on its platform as part of a broader limit to activity in the wake of FTX’s collapse.pic.twitter.com/zNF1uP6evl— BlockFi (@BlockFi) November 11, 2022 The company said in the Nov. 11 tweet that a “lack of clarity on the status of FTX.com, FTX US and Alameda” has prevented it from being able to operate as normal.As a result, it has limited platform activity until there is....
The crypto lender Blockfi is now dealing with regulators from five states as Kentucky has joined the fray against the firm’s Blockfi Interest Accounts (BIAs). On July 30, Blockfi shared a statement on Twitter that explained the Kentucky Department of Financial Institutions (DFI) has sent the company an order that aims to ban new BIA accounts. Blockfi Now Has Problems With Regulators From 5 States The New York City-based cryptocurrency finance company Blockfi was founded in 2017 by co-founders Zac Prince and Lori Marquez. The firm is a cryptocurrency lending firm that offers....
As the trial of Sam Bankman-Fried, the founder of the now-defunct crypto exchange FTX, got underway, the testimony of witnesses shed light on a report by The Wall Street Journal. The report revealed that the company’s employees had uncovered a secret link between the exchange and an affiliated trading firm, raising concerns about potential fraudulent […]
The cryptocurrency financial services firm Blockfi has launched a bitcoin-based trust that offers custody from Fidelity Digital Asset Services. Blockfi’s investment vehicle aims to give investors exposure to the leading crypto asset as bitcoin assets under management (AUM) was over $29 million on February 8, 2021. Blockfi Launches a Competitive Bitcoin Trust With a Sponsor Fee of 1.75% On Tuesday, the lender and financial services company Blockfi launched its bitcoin trust as it is managed by Blockfi Management LLC, a wholly-owned subsidiary of Blockfi. The trust will charge a....
BlockFi, a cryptocurrency lender that just closed a $400 million loan and possible purchase conditions with cryptocurrency exchange FTX, is providing staff buyouts as a covert means to cut down on manpower. One month after reducing its workforce by 20%, the change was made. BlockFi Offers COBRA According to a BlockFi employee, the company is […]