Galaxy Exec Zac Prince Launches New Crypto Loan Program Amid BlockFi Fallout
Zac Prince, managing director of GalaxyOne, has launched a new crypto loan program to attract more assets. The program promises interest-only loans and waived origination fees, among other promotional offers.
This move comes despite Prince's involvement in BlockFi's collapse. He was a defendant in the class-action lawsuit that secured a $13.25 million settlement from BlockFi's insurers. However, it appears BlockFi customers who are entitled to payouts from this settlement have yet to receive any money.
GalaxyOne is owned by Galaxy, which has its own history with failed crypto projects. The company was involved in promoting Terra LUNA and profited significantly before the project collapsed. As part of a settlement with New York's attorney general, Galaxy must pay $200 million in disgorgement through 2028.