Blockfolio and Celsius PPP loans forgiven before bankruptcy
Several bankrupt cryptocurrency firms, including Alameda Research, Blockfolio, Celsius, and Voyager, previously received Payroll Protection Program (PPP) loans through the pandemic-era program. The Payroll Protection Program was a pandemic-era business stimulus program that offered loans to businesses that maintained employment of its employees through the beginning of the pandemic; these loans could then be forgiven. The program was plagued by fraud, with the Small Business Administration inspector general identifying $78.1 billion in potentially fraudulent loans. Sam Bankman-Fried’s failed trading firm, Alameda Research, received a $370,518 loan from Signature Bank and successfully paid back the loan. Bankman-Fried was subsequently convicted of multiple felony counts related to fraud conducted at Alameda Research. Data via ProPublica. Read more: Scammers pose as bankrupt cy firm to drain Celsius users’ wallets Blockfolio, a firm that would end up as part of the Bankman-Fr...