An $800 million equity hit and $9 million withdrawn by the CEO to pay taxes – bankrupt crypto lender BlockFi published its financial statements today. jackschickler reports.
In the wake of the crypto winter last June, FTX offered BlockFi a $400 million loan. The bankruptcy of FTX on Nov. 11 sent a shockwave through the industry – and the filing details the impact of the June transaction on 13 of BlockFi’s top executives.
“The massive impact of the FTX transaction on management equity led BlockFi’s board of directors to, among other things, increase base salaries and make retention payments for those that remained in the interest of retaining business critical knowledge and capabilities,” said the filing, made by BlockFi lawyers to the New Jersey Bankruptcy Court.
Founder and chief executive Zac Prince, for example, saw $413 million in equity value eliminated, and was compensated by a salary hike of between $250,000 and $400,000, while others were offered a raise as much as $560,000, the filings said.no last-minute panicky withdrawalsNo member of the BlockFi management team withdrew any cryptocurrency from the platform after Oct. 14, the filing said, and the management team represented just 0.15% of the $7.7 billion in retail withdrawals over the year.
But the filings nonetheless reveal significant withdrawals made by senior management – including over $9 million taken out of the platform by Prince in April, which the filing said was to pay U.S. federal and state taxes, and his withdrawal of just over $870,000 in August.
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