<ul>
 <li>Zac Prince updated about the bankruptcy process’s effectiveness.&nbsp;</li>
 <li>The founder of BlockFi recalls taking part in the Sam Bankman-Fried (SBF) trial.</li>
</ul>
Ex-CEO and founder of BlockFi <a href="https://www.linkedin.com/in/zacprince" target="_blank" rel="noopener noreferrer nofollow">Zac Prince</a> has spoken out about the crypto lender’s insolvency and his future ambitions for the business and himself.
Among the most noteworthy points brought up by Zac Prince was the update about the bankruptcy process’s effectiveness. His decision to be silent up to this point was to allow the process to go undisturbed, and he confirmed that all funds had been distributed to BlockFi wallet users.
<h3 class="wp-block-heading" id="h-quick-and-least-costly">Quick and Least Costly</h3>
According to Zac Prince, who predicted that prospective beneficiaries may recoup as much as 100% of their accounts, the first payouts to customers with interest accounts started not long ago. The possible distribution from the <a href="https://thenewscrypto.com/ftx-ends-legal-battle-with-eu-founders-sells-eu-assets/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> estate is one factor that will decide the amount that the interest account customers will be paid.
Moreover, in an effort to aid in the administration of justice, the founder of BlockFi recalls taking part in the Sam Bankman-Fried (<a href="https://thenewscrypto.com/dogecoin-co-founder-exposes-startling-island-acquisition-plan-by-sbf/" target="_blank" rel="noopener noreferrer nofollow">SBF</a>) trial. He said that if he could go back in time, he would have tried very hard to spot the FTX scam sooner and changed BlockFi’s strategy so it didn’t have as heavy exposure to the insolvent trading platform.
In addition, Zac Prince emphasized his belief that, among current crypto firms, BlockFi’s bankruptcy was among the quickest and least costly. Additionally, Celsius Network and <a href="https://www.investvoyager.com/" target="_blank" rel="noopener noreferrer nofollow">Voyager Digital</a> also declared bankruptcy in 2022, with the combined costs of their proceedings being far higher.
The FTX bankruptcy and the expenses that have been expended so far have caused some to wonder whether the firm’s attorneys are taking advantage of the creditors by charging millions.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-surpasses-microstrategys-holdings/" target="_blank" rel="noopener noreferrer nofollow">BlackRock’s Bitcoin ETF Surpasses MicroStrategy’s Holdings</a>

BlockFi Founder Zac Prince Addresses Insolvency and Future Plans

Table of Contents

TheNewsCrypto

Other articles published on Mar 11, 2024

1000x A.I Token Option2Trade (O2T) Becomes Market Favorite Above Dogecoin and Shiba Inu

Bitcoin eyes $76,000 as Swissblock predicts; Galaxy Fox targets $5M in presale

BTC price blasts through $70K — 5 things to know in Bitcoin this week

BNB Crosses $500, All-Time High in March?

$PEPE, $FLOKI and $SHIB Explode as $BTC ATH Pushes Memes Higher; $GFOX Smashes $4 Million

Telegram to Make Wall Street Debut; Announces Revenue Sharing for Creditors

Join our free newsletter for daily crypto updates!