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Creditors Accuse BlockFi CEO of Fraud and Extortion in Delaying Bankruptcy Proceedings

June 28 (Cointime) - Creditors of bankrupt cryptocurrency lender BlockFi have filed for the company to be liquidated, accusing CEO Zac Prince and other management of fraud, extortion, and delaying bankruptcy proceedings.

The creditors claim that the company is holding up the case in order to negotiate legal releases for senior management who are responsible for loans made to FTX's Alameda Research.

The creditors argue that it is time for the court to end the burn and the extortion tactics. BlockFi has filed an updated plan under Chapter 11 of the bankruptcy code, which suggests that holders of BlockFi interest accounts can expect to recover between 39% and 100% of their assets under the bankruptcy plan.

BlockFi bankruptcy Fraud Recovery
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