cryptonews: In a bankruptcy court hearing on Monday, crypto lender BlockFi went to some pains to make the case that senior executives — including CEO Zac Prince — did not drain their own funds in advance of filing Chapter 11 on Nov. 28.
In a presentation released on Twitter on Jan.
"No member of the BlockFi management team withdrew any cryptocurrency from BlockFi's platform after October 14, 2022, and no member of BlockFi's management team made a withdrawal greater than 0.2 BTC in value at any time after August 17, 2022.
This included about $6 million from Prince, $4 million from co-founder and COO Flori Marquez, and $2 million from chief compliance officer David Spack. Why BlockFi did not do is explain why the payments were made in that way, which created tax liabilities for the executives, which the company also paid.
Other data released included the losses suffered by more than a dozen executives, with Prince and Marquez between them losing more than $560 million after the FTX transaction that included a $400 million line of credit and the right for Sam Bankman-Fried's company to acquire BlockFi at bargain basement prices.Related Articles
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