Block.One Founder Lost Over $70 Million Due To Holding Silvergate Stock
According to Protos reports, Brendan Blumer, the founder of EOS and Block.One, had previously spent more than $90 million to purchase about 9.27% of Silvergate’s stock. For regulatory purposes, Brendan Blumer had previously admitted that he was the owner of all 9.27 % of the stock benefits everyone, but as Silvergate’s stock price plummeted.
Dan Larimer, Brock Pierce, and Blumer established Block.One in 2017. At the height of the initial coin offering (ICO) boom, the firm raised a substantial sum of money. Blumer was mentioned as a passive investor in the newsletter Block.One and Blumer investments. Silvergate is well known as a key bank for FTX and Alameda Research. What’s special is that FTX filed for bankruptcy five days before Blumer’s investment. According to other data, as of November 16, 2022, Block.One owns approximately 7.5% of Silvergate, and he owned the 1.7% balance listed on the SEC filing. Block.One claimed to have sold over $4 billion in EOS tokens.
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