Zac Prince pulled out as much as $9.2 million in April 2022 and another $1.36 million in August, The Block reported. BlockFi boss used first withdrawal to pay US federal and state taxes, according to a BlockFi presentation dated January 9.

Prince’s transactions are reflected in data provided in the filing, which provides interested parties with historical background on the company amid its Chapter 11 proceedings. His assets with the company fell to $3.04 million in April. of 2022 from $13.15 million the previous month, the figures show.

Holdings fell further to $1.37 million in August from $2.42 million in July. The falls would have been partly due to a drop in the market value of cryptocurrencies.

BlockFi did not immediately respond to Insider’s request for comment.

FTX threw BlockFi a lifeline last year, giving the company a $400 million line of credit. The loan was meant to help ease BlockFi’s financial difficulties amid a crypto market crash fueled by the fastest interest rate hikes from the Federal Reserve since the early 1980s.

The company ultimately filed for bankruptcy in December following the collapse of FTX, citing exposure to the disgraced cryptocurrency exchange.

In its presentation, BlockFi said its management team “deployed their personal assets on the platform to trade, earn interest, and store different cryptocurrencies under the same terms of service as customers.”

The firm told The Block: “Like many BlockFi clients, Zac deployed his own personal assets on the BlockFi platform. Zac kept a substantial portion of his assets on the platform, and the withdrawal he made in April 2022 was to pay US federal and state taxes. Zac and other insiders have made no withdrawals since October 14, 2022, and no withdrawals from [greater than] 0.2 BTC in value since August 17.”