BlockFi announces financial statements: FTX loans lead to $800 million equity reduction for BlockFi executives

2023-01-12 18:16:15

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ChainCatcher news, BlockFi today released its financial statements, detailing the impact of a loan from FTX in June last year on 13 executives at BlockFi, with the equity held by BlockFi executives decreasing by $800 million. Among them, founder and CEO Zac Prince saw a reduction in equity value of $413 million, and has been compensated with a salary increase of $250,000 to $400,000, while other executives received raises of up to $560,000.

The document states that after October 14, no members of the BlockFi management team withdrew any cryptocurrency from the platform, with the management team accounting for only 0.15% of the total retail withdrawals of $7.7 billion for the year. However, the document still shows significant withdrawals by executives, including over $9 million withdrawn by Zac Prince from the platform in April, which the document states was to pay federal and state taxes. (source link)

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