en
Back to the list

Blockfi Has over $1.2 Billion in Assets Tied up with Ftx and Alameda

Finance

www.thecoinrepublic.com 25 January 2023 14:30, UTC
  
Reading time: ~2 m

  • BlockFi, a digital asset lender had more than $1.2 billion in assets strung with the recently bankrupted firm FTX as well as Alameda Research, as per the financials that have been removed before but by mistake uploaded on January 24 without any amendment.

BlockFi’s connection with FTX was much bigger than that of the report suggested before. The firm went for Chapter 11 bankruptcy at the end of November, soon after the bankruptcy of FTX, which accepted to take out the fighting lender before its own downfall.

The balance represented in the uncensored BlockFi filling adds about $415.9 million value of assets associated with the FTX and $831.3 million in loans to Alameda. Those facts are suggested on January 14. FTX along with Alameda went for bankruptcy in November, which gave the crypto markets lurching.

Attorneys for BlockFi had revealed before that the loan to Alameda was estimated at about $671 million, at the same time there was $355 million in virtual assets struck on the FTX exchange. Bitcoin and Ethereum have since regrouped, shooting the worth of those holdings.

The financial demonstration was kept by M3 Partners, an advisor to the creditor committee. The company is demonstrated by the law company Brown Rudnick and is completely comprised of BlockFi customers who have taken money from the bankrupt lender.

No comments on the matter

An attorney for the creditor committee verified that the uncensored was uploaded by mistake, but except for this he didn’t say a word. Lawyers for BlockFi are not ready to leave any comment on this matter. Other details that are now available for BlockFi adds its customer numbers and also high-level information on the length of their accounts along with the trading volume.

Bitcoin has about 662,427 customers, out of which near to 73%, had account balances under $1,000. In the duration of six months, starting from May and lasting to November 2022, those customers had a collective trading volume of $67.7 million, at the same time, the total volume was about $1.17 billion. BlockFi made just more than $14 million in trading revenue in that very duration, as per the presentation, estimating $21 in revenue per customer.

The firm possesses about $302.1 million in cash, along the side of this, the wallet assets are estimated at $366.7 million. Totally, the crypto lender has unused assets of amount $2.7 billion, with near to half strung with FTX and Alameda as well.


   Source
Back to the list