Earlier this summer, the collapse of Three Arrows Capital (3AC) sent the crypto lending world into chaos. Many lenders suffered heavy losses due to 3AC exposure and some were forced into bankruptcy.
BlockFi — a prominent crypto lender that was valued at nearly $5 billion during the height of the bull market — was one of the firms that took a big hit when 3AC collapsed, prompting the company's shareholders to approve a $680 million deal with FTX US that outlines a path to a potential acquisition later next year. 
In this episode of The Scoop, BlockFi CEO Zac Prince candidly recounted the events surrounding his firm's liquidation of Three Arrows Capital. He also explained his personal philosophy regarding the relationship that a crypto lender should have with its customers. 
Prince expressed during the interview that he firmly believes that BlockFi's clients should be given priority consideration:
"I have a very fundamental belief that in the type of business that Blockfi is, you can't screw over your clients and still have a business, period. That's not an option and that's not something that Blockfi is ever going to do on my watch."
When asked directly about Three Arrows Capital, Prince responded,
"I also respect that these are still people and I hope that they're doing okay, but there's a whole mountain of legal and potentially civil and criminal things that they'll be dealing with in the foreseeable future."

Episode 81 of Season 4 of The Scoop was recorded remotely with The Block's Frank Chaparro and BlockFi Founder & CEO Zac Prince.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
This episode is brought to you by our sponsors Tron, Chainalysis & IWC Schaffhausen
About Tron
On August 1st, 2022, Poloniex launched a faster and more stable trading system along with a brand new user interface. Poloniex was founded in January 2014 as a global cryptocurrency trading platform. With its world-class service and security, it received funding in 2019 from renowned investors, including H.E. Justin Sun, Founder of TRON. Poloniex supports spot and margin trading as well as leveraged tokens. Its services are available to users in nearly 100 countries and regions with various languages available. For more information visit Poloniex.com.
About Chainalysis
Chainalysis is the leading blockchain data platform. We provide data, software, services, and research to government agencies, exchanges, financial institutions, and insurance and cybersecurity companies in over 60 countries. Backed by Accel, Addition, Benchmark, Coatue, Paradigm, Ribbit, and other leading firms in venture capital, Chainalysis builds trust in blockchains to promote more financial freedom with less risk. For more information, visit www.chainalysis.com.
About IWC Schaffhausen
IWC Schaffhausen is a Swiss luxury watch manufacturer based in Schaffhausen, Switzerland. Known for its unique engineering approach to watchmaking, IWC combines the best of human craftsmanship and creativity with cutting-edge technology and processes. With collections like the Portugieser and the Pilot’s Watches, the brand covers the whole spectrum from elegant timepieces to sports watches. For more information, visit IWC.com.