BlockFi Founder and former CEO Zac Prince has broken the silence on the bankruptcy proceedings of the former crypto lender and his next plans for the company and his career moving forward.

BlockFi Bankruptcy Ending Well

One of the most important highlights shared by Zac Prince was the update about the success of the bankruptcy process. He noted that his silence thus far is to enable the process to evolve without distraction and the entire process has seen 100% distributions to BlockFi wallet account holders.

Zac Prince noted that the initial distributions for interest account clients commenced not long ago and he projected that potential recipients might also recover up to 100% of their accounts. One condition that will determine the extent to which the interest account clients will be paid is the potential distribution from the FTX estate.

The BlockFi founder recalled participating in the Sam Bankman-Fried (SBF) trial as a means to help justice be served. He noted that should he be fit to revert time, he’d make an important effort to have identified the fraud at FTX earlier while making adjustments to change how BlockFi maintained strong exposure to the bankrupt trading platform.

I’m starting a new role and will be announcing it publicly tomorrow.

In advance of that, given that I’ve been off Twitter for a bit in order to let BlockFi’s bankruptcy process evolve without distraction, I wanted to share a few thoughts about BlockFi and what I’ve learned.…

— Zac Prince (@BlockFiZac) March 10, 2024

Zac Prince also highlighted how he believes the BlockFi bankruptcy was one of the fastest and least expensive for crypto companies that operated at or above the scale it did while still being active. Notably, Celsius Network and Voyager Digital also went bankrupt in 2022, with the duo’s proceedings costing much more.

The FTX bankruptcy and the incurred costs thus far have raised eyebrows as the firm’s lawyers are said to be charging in the millions at the expense of creditors.

What is Next for Zac Prince?

According to the post from Zac Prince, he noted that he will be “starting a new role and will be announcing it publicly tomorrow.” 

The BlockFi founder noted that he lodged a substantially large amount of his personal holdings on BlockFi and that he gave up his recovery rights to increase the recovery pool for clients. He said since the firm filed for bankruptcy, he has provided unpaid consultation for the BlockFi Estate.

He believes that with the advances made thus far, he is now ready to move on to new challenges.

 

The post BlockFi Founder Zac Prince Breaks Silence on Bankruptcy, Reveals Next Plan appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am