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BlockFi Financials With No Redactions Disclose $1.2 Billion Connection To FTX And Alameda

Finance

news.coincu.com 25 January 2023 04:06, UTC
  
Reading time: ~2 m

According to a CNBC article, the previously censored records showed that BF had more exposure to FTX than had been previously reported.

According to the filings, BF had FTX-tied assets worth $415.9 million as of January 14 and had lent Alameda $831.3 million. This brings the total assets linked to FTX and Alameda by the cryptocurrency loan to over $1.2 billion. Attorneys for BF had previously claimed that the lender had assets worth $355 million stranded on FTX.

The loan to Alameda had a $671 million value according to the attorneys.

BlockFi’s overall exposure to FTX and Alameda was consequently little over $1 billion

Weeks after the FTX and Alameda meltdowns, BlockFi filed for Chapter 11 bankruptcy. Since the failure of the hedge fund Three Arrows Capital in July, the cryptocurrency lender has been having difficulties. BlockFi had been successful in obtaining a $400 million credit arrangement from FTX as a lifeline.

Additionally, BlockFi had given FTX the option to purchase the company for $240 million; however, the agreement fell through when FTX declared bankruptcy.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.


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