Zac Prince, former BlockFi founder and current managing director at GalaxyOne, has launched a new crypto lending product despite BlockFi victims still not having received any money from the court-ordered $13.25 million settlement. This settlement, funded by Prince’s insurers, stems from allegations that he violated US securities laws by selling BlockFi Interest Accounts without adequate disclosures. Galaxy, Prince’s current employer, was also ordered to pay $200 million to New York’s attorney general for promoting Terra’s LUNA token before its dramatic collapse, having driven its price from $0.31 in October 2020 to $119.18 in April 2022.
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