BlockFi's CEO cashed out $9 million from the crypto platform just after FTX gave it a multimilllion-dollar support loan

Jan 10 2023 by Business Insider

 
BlockFi signed a deal with FTX last year that granted it a $400 million revolving credit line.

Chukrut Budrul/ SOPA Images/ LightRocket/ Getty Images

BlockFi CEO Zac Prince withdrew over $9 million from the company thanks to an FTX support loan, the Block reported. He cashed out the millions in order to pay US federal and state taxes, according to a company presentation. Collapsed exchange FTX loaned BlockFi $400 million last year in an effort to save the struggling firm. 

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