Zac Prince's testimony last week appeared to nail both how convincing Alameda was to business partners about its solvency and how safe FTX appeared to its users.
Share on email BlockFi was both a user of SBF's exchange and a lender to his hedge fund. Worse than that: It used the exchange, FTX, to hold some of the digital assets that served as collateral for loans made to the fund, Alameda Research. That collateral became trapped when FTX halted withdrawals.Prince's testimony Friday appeared to nail both how convincing Alameda was to business partners about its solvency and how safe FTX appeared to its users.
FTX and Alameda were closely linked, so bad news for either was likely bad news for the value of FTT.loans anyway. That's part of the game for a crypto lender, where it could be argued that nearly all assets in the market are highly correlated.Prince testified that BlockFi took its risk with Alameda and FTX on a calculated basis, based on information that, per the testimony of prior witnesses, SBF intentionally obscured.
He testified that the existence of loans to Alameda and company executives from FTX — both of which were not disclosed — would likely have dissuaded BlockFi from partnering with any of SBF's companies.Prince was a dream witness for the prosecution because his firm got hit by the FTX disaster on so many fronts.
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