BlockFi’s Zac Prince has returned to work in crypto
Mike Novogratz’s crypto conglomerate Galaxy Digital has hired ex-BlockFi founder Zac Prince as a managing director.
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Mike Novogratz’s crypto conglomerate Galaxy Digital has hired ex-BlockFi founder Zac Prince as a managing director.
Read more (2 min) →The downfalls of major firms like FTX and BlockFi have led Visa and Mastercard to postpone a number of crypto-related products and services.
Financials published by mistake showed that BlockFi has over $1.2B tied to FTX and Alameda — way more than the $1.02B previously claimed.
Alongside the $275 million from FTX, BlockFi is also owed $54 million from bitcoin miner Core Scientific — but it hasn't called in that debt.
Core holds 24 bitcoin and $26.6M in cash but has more than $1B in outstanding liabilities, including an $80M loan from BlockFi.
Three Arrows was also one of the major investors in Grayscale Bitcoin Trust, last year disclosing ownership of more than 38 million shares.
Rumors that BlockFi may have lent too much bitcoin to 3AC are swirling, causing insolvency concerns among customers.
BlockFi says users’ personal details, including names and emails were targeted after hackers attacked its CRM platform provider, HubSpot.
BlockFi must fork out $100 million to US regulators, the highest crypto settlement in SEC history. Now, it could face a class action.
BlockFi has been barred from offering interest accounts to New Jersey residents following allegations the company broke securities laws.