Zac Prince, the CEO of BlockFi, continued to provide testimony in the criminal trial of former FTX CEO Sam Bankman-Fried on Oct. 13.
In the previous day’s testimony, Prince described his firm’s lending relationship with Alameda Research. In current testimony, he described how Alameda began to dominate BlockFi lending activities and noted that he spoke to FTX and Alameda as loans grew larger.
Prosecutors: “Did you talk with Sam Bankman-Fried?”
Prince: “Yes, a CEO to CEO was suggested. So we did a call.”
Prince said that BlockFi had at one point lent out $5 billion to $10 billion to its clients overall. Alameda Research had initially borrowed $10 million circa early 2021, but that amount eventually rose to $50 million in May 2021 and to $1.1 billion in May 2022.
The BlockFi executive noted that his firm was also affected by other industry events, including the collapse of Luna and TerraUSD (which was followed by Three Arrows Capital’s default on its loan to BlockFi) as well as the bankruptcy of Celsius and Voyager.
Prince said that BlockFi, at one point, attempted to have FTX acquire it, as
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Author: Mike Dalton
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