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Zac Prince, the founder of BlockFi largely spoke about bankruptcy and future plans in a new role.
Zac Prince shared insights into BlockFi’s successful bankruptcy processing and Prince’s career plan. He openly discussed FTX’s impact on BlockFi’s performance and is supposed to permit the bankruptcy process to unfold without external interference.
What’s Zac Prince’s Next Move?
On March 10, 2024, Zac Prince, the former CEO and founder of BlockFi took the X platform to make an important announcement related to bankruptcy and the next move.
Prince announced the success of the bankruptcy process as the BlockFi wallet account holders have observed 100% distribution. After a long time, it is observed that the initial distribution for interest account clients started, and the potential recipients might recover up to 100% of their accounts.
However, the fulfillment of the condition depends on the potential distribution from FTX, one of the biggest crypto exchanges that underwent Bankruptcy in 2022.
In 2022, BlockFi filed for Chapter 11, indicating FTX’s failure as one of the main causes behind the collapse. However, On March 6, 2024, a debt settlement was signed between FTX and BlockFi, according to which, FTX will pay around $874.5 Million to BlockFi.
Based on the current statement, Prince is participating in the Sam Bankman-Fried (SAM) trial to ensure justice is served. He also regrets not addressing the fraud at FTX earlier, which could have overcome BlockFi’s direction to the bankrupt trading platform.
Despite these ups and downs, Prince stood on the ground and adopted relevant approaches after analyzing other crypto companies like Voyager Digital, and Celsium Network, which also filed for bankruptcy in 2022.
Moreover, Prince invested a significant portion of his holdings in BlockFi for recovery and to enhance the recovery pool for customers. Also, he provided a free consultation to the BlockFi Estate, to make things work.
In addition to this, Prince also announced his new plan related to his new role.
“I’m starting a new role and will be announcing it publicly tomorrow.”, Prince posted.
It would be interesting to see Zac Prince in a new role and its effectiveness in navigating BlockFi through the bankruptcy proceedings.
BlockFi’s Journey Till Date
BlockFi, the cryptocurrency lender was introduced by Zac Prince and Flori Marquez in 2017. The company filed for bankruptcy in November 2022 and loans to FTX’s sister firm Alameda, appeared as major reasons for its failure.
However, the firm arose from bankruptcy in October 2023 and began working on a plan to repay creditors and return crypto to clients. Additionally, BlockFi planned to recover assets from FTX and 3AC by processing a claim for fair distribution.
In addition to this, the company also provided a blueprint to the customers concerning the return of cryptocurrencies. Wallet customers are provided with access to initiate withdrawals whereas account holders and loan customers have to wait for some time.
Recently, FTX also agreed to repay over $874.5 Million, indicating a successive step of BlockFi towards the scheduled plan.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
