BlockFi, a crypto lending company, had more than $1.2 billion in assets connected to FTX and Alameda Research, according to financial records that were mistakenly released without redactions on Tuesday. These records reveal that the company’s exposure to FTX was greater than what was previously disclosed. BlockFi filed for bankruptcy in November, following the collapse of FTX, which had agreed to save the struggling lender before it also failed.
The unredacted financial records show that BlockFi had $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda as of January 14th, 2023. Both FTX and Alameda were also included in FTX’s bankruptcy in November which harmed the crypto markets.
Earlier, lawyers for BlockFi had said that the loan to Alameda was valued at $671 million and an additional $355 million in digital assets were frozen on the FTX platform. However, the value of these holdings has since risen as Bitcoin and Ether prices have rallied.
These financial records were prepared by M3 Partners, an advisor to the creditor committee. The firm is represented by the law firm Brown Rudnick and is made up of BlockFi clients who are owed money by the bankrupt lender.
Three Major Things: BlockFi, FTX exposure, Financials
BlockFi is a company that has recently had its secret financial records revealed. These records show that the company has a significant amount of money connected to another company called FTX and Alameda. The amount is approximately 1.2 billion dollars. This is a large sum of money and it is new information that was not known to many people before.
BlockFi is a financial company that offers services such as lending and borrowing digital assets, and it has been growing in popularity in recent years. The newly revealed financial records show that the company has a strong connection with FTX, which is a cryptocurrency trading platform, and Alameda, which is a research and development firm.
The connection is in the form of a large sum of money, which is around 1.2 billion dollars. This information is important because it shows the extent of the relationship between BlockFi and the other two companies. It also shows that BlockFi has a significant amount of money tied up with them. It is not clear at this time what the money is being used for or how it will affect the companies in the future.
It is worth noting that this is new information that was not known to many people before. It was revealed through secret financial records and it has raised many questions about the future of BlockFi and its relationship with FTX and Alameda. It remains to be seen how this will impact the companies, but it is something to keep an eye on for anyone interested in the digital asset and cryptocurrency industry.
In simple terms, BlockFi is a company that deals with digital assets and has recently had its financial records revealed showing it has a large sum of money connected to two other companies FTX and Alameda. It is not clear how this connection will impact the companies, but it is new information that has raised many questions and is worth watching.
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Source: https://cryptoticker.io/en/blockfi-financials-ftx-exposure/