Home CryptocurrencyAltcoin BlockFi’s uncensored financials reportedly show $1.2 billion in FTX exposure

BlockFi’s uncensored financials reportedly show $1.2 billion in FTX exposure

by SuperiorInvest

Bankrupt crypto-lending firm BlockFi allegedly accidentally uploaded uncensored financial data, revealing $1.2 billion in assets linked to bankrupt exchange FTX and Alameda Research.

According to a CNBC report on January 24, unresponsive files show that as of January 14, BlockFi had $415.9 million in assets tied to FTX and a whopping $831.3 million in loans to Alameda.

The previously censored financials were leaked in a presentation put together by M3 Partners, which is advising the creditors’ committee and reportedly admitted the filing was uploaded by mistake.

November 29, during the first day discussion of its bankruptcy proceedingsBlockFi lawyers said those numbers were $355 million stuck on FTX and $680 in loans to Alameda, but the value of the funds increased with the price of Bitcoin (BTC) since.

Related: BlockFi to Sell $160M in Bitcoin Miner Backed Loans: Report

The state of financial obligations between companies is complicated.

July 1 FTX.US – US arm of FTX – extended a $400 million line of credit on BlockFi after the lender was caught in the contagion caused by the collapse of the algorithmic stablecoin Terra on May 10, 2022.

The deal also gave FTX.US the option to acquire BlockFi for a “variable price of up to $240 million based on performance triggers.”

BlockFi filed for Chapter 11 bankruptcy on November 28, citing the collapse of FTX just weeks earlier. the cause of his financial difficulties.

Cointelegraph reached out to BlockFi and M3 Partners for comment, but did not immediately receive a response.

Source Link

Related Posts

%d bloggers like this: