Friday, April 19, 2024

BlockFi Has Over $1.2 Billion in Assets Locked in Fallen FTX and Alameda Research.

BlockFi, the crypto lender, has over $1.2 billion in assets locked up in Sam Bankman-Fried’s crypto exchange FTX and sister company Alameda Research. The firm’s exposure to FTX was greater than earlier disclosures.

After the dramatic collapse of SBF’s crypto empire in November, BlockFi filed for Chapter 11 Bankruptcy protection. Initially, FTX had promised to help rescue the struggling crypto lender before its collapse.

Documents show that the unredacted BlockFi filing includes $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda. BlockFi lawyers had earlier said that the loan to Alameda was valued at $671 million, with an additional $355 million in digital assets frozen on SBF’s platform. Brown Rudnick is representing BlockFi. A lawyer said the unredacted filing was uploaded in error. BlockFi’s customer numbers and high-level detail on the size of their accounts and trading volume are also now available.

The firm had $302.1 million in cash, and wallet assets valued at $366.7 million.

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