Blockfi CEO Zac Prince testified Friday that the downfall of FTX contributed to his company’s bankruptcy. Prince appeared as a government witness in the fraud trial of former FTX boss Sam Bankman-Fried (SBF).
Blockfi’s Prince: Loans Wouldn’t Be Approved Knowing Alameda Used FTX Clients’ Funds
Blockfi’s Prince informed federal prosecutors that his company had loaned as much as $1.1 billion to Sam Bankman-Fried‘s trading company, Alameda Research. He stated that Blockfi wouldn’t have sanctioned the loans if they had been aware that Alameda was utilizing FTX client funds.
“No,” Prince responded when queried if he knew Alameda was using FTX customer funds. “That’s not appropriate,” he added. The trial’s testimony was covered by Inner City Press reporter Matthew Russell Lee and was broadcast on the social media platform X (formerly Twitter).
The loans were backed by assets that drastically depreciated in value following FTX’s bankruptcy, as per Prince’s testimo
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