Last Updated on October 14, 2023 by Bitfinsider
While testifying in court at Sam Bankman-Fried’s criminal trial, BlockFi CEO Zac Prince blamed the collapsed FTX crypto exchange and its sister trading firm Alameda Research for his own firm’s bankruptcy, claiming he would never have distributed funds if he had known false balance sheets were being used.
According to Prince, BlockFi had a total of $1.1 billion on the market. According to Inner City Press, when prosecutors asked Prince why BlockFi declared bankruptcy, he blamed Alameda and FTX.
When questioned if BlockFi would have provided money to Alameda if it had known it was utilizing FTX customer funds, Prince said, “No. “That is not appropriate,” remarked Inner City Press. Prince stated that BlockFi had called some of the loans, but that $650 million remained due.
“They posted as collateral Grayscale Trust and Robinhood,” he said.
As Bankman-Fried’s trial nears the end of its second week, Prince testified on Friday. The trial is anticipated to run approximately six weeks, and if convicted on a raft of counts, including fraud, over allegations that he and other FTX officials exploited billions of dollars in client money to make their own failed investments, the former FTX CEO faces decades in jail.
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