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 Several bankrupt cryptocurrency firms, including Alameda Research, Blockfolio, Celsius, and Voyager, previously received Payroll Protection Program (PPP) loans through the pandemic-era program.
 The Payroll Protection Program was a pandemic-era business stimulus program that offered loans to businesses that maintained employment of its employees through the beginning of the pandemic; these loans could then be forgiven. The program was plagued by fraud, with the Small Business Administration inspector general identifying $78.1 billion in potentially fraudulent loans.
 Sam Bankman-Fried’s failed trading firm, Alameda Research, received a $370,518 loan from Signature Bank and successfully paid back the loan. Bankman-Fried was subsequently convicted of multiple felony counts related to fraud conducted at Alameda Research.
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp" alt class="wp-image-57437" srcset="https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 1024w, https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 300w, https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 768w, https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 1536w, https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 1200w, https://cdn.thebittimes.com/images/2024/01/05/7687d33126d709e8f11b475f5e8298f8.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Data via ProPublica.
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 Read more: Scammers pose as <a rel="noopener noreferrer nofollow" title="bankrupt" href="https://thebittimes.com/tag/bankrupt.html">bankrupt</a>cy firm to drain <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a> users’ wallets
 Blockfolio, a firm that would end up as part of the Bankman-Fried wreckage, also received a PPP loan of $458,211 from Wells Fargo. The loan was forgiven.&nbsp;
 Cryptocurrency lenders also received PPP <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a>. <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a> Networks received a $281,502 loan from Signature Bank that was also waved away. Alex Mashinsky, the former chief of <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a>, has been charged with multiple counts of fraud related to <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a>. <a rel="noopener noreferrer nofollow" title="Voyager" href="https://thebittimes.com/tag/voyager.html">Voyager</a> Digital received a $619,400 PPP loan from Dime Community Bank, but unlike <a rel="noopener noreferrer nofollow" title="Celsius" href="https://thebittimes.com/tag/celsius.html">Celsius</a>, its loan was repaid.&nbsp;
 PPP <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a> were an entirely legal program, and there is no evidence (beyond criminal prosecutions directed at executives at several of these firms) to suggest that there was anything untoward in the process of receiving these <a rel="noopener noreferrer nofollow" title="loans" href="https://thebittimes.com/tag/loans.html">loans</a>.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/blockfolio-and-celsius-ppp-loans-forgiven-before-bankruptcy-tbt75619.html">https://thebittimes.com/blockfolio-and-celsius-ppp-loans-forgiven-before-bankruptcy-tbt75619.html</a>

Blockfolio and Celsius PPP loans forgiven before bankruptcy

TheBitTimes

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