Do you know Zac Prince? He was the founder and CEO of BlockFi, a platform founded to lend digital assets. However, after the collapse of the FTX exchange, it also led to the bankruptcy of BlockFi itself and caused a significant impact on its founder.
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Who is Zac Prince?
First, let’s focus on Zac Prince‘s history up to the time he founded the BlockFi company. According to our research, we know that he works in a sales role at many startups focusing on growth technology.
With the experience and knowledge gained in 2017, Zac Prince and Flori Marquez founded BlockFi company with headquarters in Jersey City, New Jersey. Accordingly, BlockFi company has been oriented to operate as a platform specializing in electronic asset lending.
It can be said that Zac Prince’s career has been relatively successful since founding the BlockFi company. At one time, this company was valued at up to 3 billion USD. The peak came in July 2022 when BlockFi reached an agreement with cryptocurrency exchange FTX with a purchase option worth up to 240 million USD.
Why did Zac Prince’s BlockFi go bankrupt?
As mentioned earlier, BlockFi successfully reached an agreement with cryptocurrency exchange FTX, which was seen as the beginning of the company’s bankruptcy. The reason is said to come from the excessive influence of the FTX cryptocurrency exchange on BlockFi after the agreement was signed.
Accordingly, in November 2022, when the FTX cryptocurrency exchange collapsed, Zac Prince decided to completely block withdrawals on BlockFi’s platform. This action of Zac Prince attracted the attention of many financial magazines at the time with predictions that BlockFi would go bankrupt along with the collapse of FTX.
On November 28, just as financial magazines had previously reported, Zac Prince confirmed the reports and officially filed for bankruptcy protection for BlockFi. From here comes the end for a potential company that was once valued at up to 3 billion USD.
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How does BlockFi’s bankruptcy affect Zac Prince?
When BlockFi declared bankruptcy, according to bankruptcy records provided by Zac Prince, the company’s number of creditors reached more than 100.000 people. The company’s largest creditors were also announced in turn, such as Ankura Trust with a debt of up to 729 million USD, FTX US with a debt of up to 275 million USD, and the US Securities Commission SEC with a debt of up to 30 million USD. million dollars,…
Being bankrupt and having to shoulder a large amount of debt may have had a lot of impact on Zac Prince. Even so, in October 2023, he tried and succeeded in bringing the BlockFi company out of bankruptcy.
During the above process, Mr. Zac Prince said the company would try to return all crypto assets to customers at BlockFi by liquidating all remaining operations and assets. This process may take a relatively long time until all assets have been liquidated.
Although it was possible to pull BlockFi company out of bankruptcy, Zac Prince also announced that he would resign and leave the company after this period.
Decide Zac Prince’s future
According to what Zac Prince shared, he plans to leave the company and cryptocurrency completely to join a real estate technology startup. Also from what we found out, the company you are talking about is Re Cost Seg.
The reason for this action Zac Prince himself shared was from his wife’s advice to stay away from the crazy fluctuations of cryptocurrency. That’s why Zac Prince decided to join Re Cost Seg, a company specializing in cost allocation for real estate investors.
This can be seen as Zac Prince’s current future direction as he wants to leave the cryptocurrency market at present. However, no one guarantees that in the future Zac Prince will not return to the cryptocurrency market, where he is passionate and loved.
Conclusion
So we have finished learning about Zac Prince, the former CEO of BlockFi company, and his turbulent career. Hope you enjoy the content this time. If you have any other questions, don’t hesitate to contact AZcoin.
I am Tony Vu, living in California, USA. I am currently the co-founder of AZCoin company, with many years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
Email: [email protected]
