Zac Prince updated about the bankruptcy process’s effectiveness.
The founder of BlockFi recalls taking part in the Sam Bankman-Fried (SBF) trial.
Ex-CEO and founder of BlockFi Zac Prince has spoken out about the crypto lender’s insolvency and his future ambitions for the business and himself.
Among the most noteworthy points brought up by Zac Prince was the update about the bankruptcy process’s effectiveness. His decision to be silent up to this point was to allow the process to go undisturbed, and he confirmed that all funds had been distributed to BlockFi wallet users.
Quick and Least Costly
According to Zac Prince, who predicted that prospective beneficiaries may recoup as much as 100% of their accounts, the first payouts to customers with interest accounts started not long ago. The possible distribution from the FTX estate is one factor that will decide the amount that the interest account customers will be paid.
Moreover, in an effort to aid in the administration of justice, the founder of BlockFi recalls taking part in the Sam Bankman-Fried (SBF) trial. He said that if he could go back in time, he would have tried very hard to spot the FTX scam sooner and changed BlockFi’s strategy so it didn’t have as heavy exposure to the insolvent trading platform.
In addition, Zac Prince emphasized his belief that, among current crypto firms, BlockFi’s bankruptcy was among the quickest and least costly. Additionally, Celsius Network and Voyager Digital also declared bankruptcy in 2022, with the combined costs of their proceedings being far higher.
The FTX bankruptcy and the expenses that have been expended so far have caused some to wonder whether the firm’s attorneys are taking advantage of the creditors by charging millions.