BlockFi Publishes Its Financial Statements: FTX Loans Reduced BlockFi Executives $800M in Equity, CEO Withdrawn $9M for Taxes

Bankrupt cryptocurrency lender BlockFi released its financial statements today. The document details the impact of a loan from FTX last June on 13 BlockFi executives, who lost $800 million in equity held by its founder and CEO Zac Prince. The company paid $413 million and compensated with raises of $250,000 to $400,000, while other executives received raises of as much as $560,000. No member of BlockFi’s management team withdrew any cryptocurrency from the platform after Oct. 14, and the management team accounted for just 0.15 percent of the $7.7 billion in retail withdrawals for the year, the filing said. But the documents still show numerous withdrawals by executives, including more than $9 million that Zac Prince withdrew from the platform in April to pay U.S. federal and state taxes, and more than $870,000 in August that he withdrew from the platform. Dollar. Most of the transaction data is anonymized, and the court will consider next week whether to unseal creditor information.