1 year ago
BlockFi had implicit $1.2 cardinal successful assets linked to bankrupt FTX and Alameda Research, according to fiscal documents mistakenly uploaded without redactions connected Jan. 24.
The documents, which were antecedently redacted, revealed that BlockFi had greater vulnerability to FTX than antecedently disclosed, according to a CNBC report.
As of Jan. 14, BlockFi has $415.9 cardinal worthy of assets tied up connected FTX and had loaned $831.3 cardinal to Alameda, the documents showed. This puts the crypto lender’s full assets linked to FTX and Alameda astatine implicit $1.2 billion.
BlockFi lawyers had antecedently stated that the lender had $355 cardinal worthy of assets stuck connected FTX. The lawyers had besides valued the indebtedness to Alameda astatine $671 million. BlockFi’s full vulnerability to FTX and Alameda, therefore, stood astatine conscionable implicit $1 billion, according to erstwhile disclosures.
BlockFi filed for Chapter 11 bankruptcy weeks aft the FTX and Alameda meltdown. The crypto lender had been struggling since the illness of hedge money Three Arrows Capital successful July. BlockFi had managed to unafraid a lifeline from FTX successful the signifier of a $400 cardinal recognition facility.
BlockFi had besides extended FTX the enactment to get the steadfast for $240 million, but the woody fell isolated erstwhile FTX filed for bankruptcy.
Details astir BlockFi users
The uncensored documents besides revealed that the lender had 662,427 users. Of this, astir 73% of users had balances of little than $1,000.
Between May and November 2022, these users had a cumulative trading measurement of $67.7 cardinal portion the lender’s full trading measurement stood astatine $1.17 billion. BlockFi earned implicit $14 cardinal successful trading gross implicit the period, astatine an mean of $21 successful gross per user, the documents showed.
Total assets
According to the documents, BlockFi had $302.1 cardinal successful currency and integer assets worthy $366.7 million. The lender’s full unadjusted assets are worthy astir $2.7 billion, with astir fractional linked to FTX and Alameda, the documents showed.
The defunct crypto lender has adjusted the worth of its indebtedness to Alameda and its assets connected FTX to $0. After each adjustments, its full assets are worthy $1.3 billion, the documents noted. Of this, conscionable implicit fractional — oregon $668.8 cardinal — is “Liquid / To Be Distributed.”
The station Unredacted BlockFi financials amusement implicit $1.2B nexus to FTX, Alameda appeared archetypal connected CryptoSlate.
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