Exchanges· ★★★· bearish·

Jack Prince: BlockFi's collapse was caused by regulators, client outflows, and FTX

  • —Regulators fined BlockFi $100 million in 2021 and blocked the launch of crypto interest accounts
  • —After Celsius and Voyager collapsed, client assets fell from $12 billion to $2 billion in two weeks
  • —A $500 million round shrank as some investors refused to participate
  • —Prince said in court that Alameda's reporting to creditors was falsified
Why it matters: The testimony reveals the mechanics of a major crypto company's collapse and FTX's role, which is important for assessing market risks and legal consequences.
Source: TokenPost
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