Cryptocurrency lender BlockFi misled investors, cut corners and bet big on FTX even after seeing a secret balance sheet that revealed fundamental flaws in Sam Bankman-Fried’s empire, BlockFi creditors said.
Yet seeing FTX’s toxic internal arrangements failed to deter BlockFi, which collapsed a few weeks after FTX, BlockFi creditors claim. Warnings from BlockFi’s own internal risk committee went unheeded or were overruled by Prince, who, instead of increasing collateral requirements, said the company should “offer terms that we think the client [Alameda] could say yes to,” the filing said.
Creditors have previously argued they should be allowed to file their own plans to wind up the company, accusing BlockFi management of “” by delaying proceedings to ensure they can negotiate a legal release from personal liability.
Source: News Formal (newsformal.com)
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