Zac Prince on BlockFi, Bitcoin, and GalaxyOne

Zac Prince is the Managing Director at Galaxy Digital and the co-founder and former CEO of BlockFi. In this conversation, we break down what really happened at BlockFi's collapse, the fraud behind FTX and Alameda that he witnessed firsthand, and the lessons he's applying to risk management today. We also discuss Galaxy One's banking, crypto, and yield products, and what the future of investing and AI-powered finance looks like.

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The views expressed by the speakers are their own and do not necessarily reflect the views of Galaxy or its affiliates. Yield is variable and may change with 30 days’ notice. Galaxy Premium Yield is available only to U.S. accredited investors, is not a bank deposit, and is not FDIC insured. The note is unsecured and may result in loss of principal. Guaranteed by Galaxy Digital Holdings LP, a subsidiary of Galaxy Digital Inc. Staking involves risks, including validator downtime, slash, loss of rewards, and Galaxy cannot guarantee validator performance.

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• 0:00 - Intro
• 1:05 - What really happened at BlockFi?
• 8:09 - Celsius, Voyager collapse & the run on BlockFi
• 10:01 - The FTX acquisition, Sam Bankman-Fried & discovering the fraud
• 13:32 - Lessons applied to risk management at Galaxy
• 16:08 - Silvergate, SVB & the "war on crypto"
• 18:49 - Regulatory politics & the future of crypto policy
• 22:10 - Rebuilding: what Zac learned post crypto war
• 26:36 - What is Galaxy One? 
• 41:43 - AI agents & the future of banking