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Zac Prince, the CEO of bankrupt cryptocurrency lending firm BlockFi, allegedly disregarded recommendations from the company’s risk management team over lending assets to Alameda Research.
According to a July 14 filing with the United States Bankruptcy Court for the District of New Jersey by the unsecured creditors’ committee, BlockFi’s risk management team reported on the “high risks” associated with lending assets to Alameda. Prince allegedly dismissed concerns from the team on BlockFi lending Alameda $217 million by August 2021. The team suggested there could be risks if the (FTT) used to secure the loans needed to be liquidated.
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