BlockFi had over $1.2 billion in property linked to bankrupt FTX and Alameda Analysis, in response to monetary paperwork mistakenly uploaded with out redactions on Jan. 24.
The paperwork, which had been beforehand redacted, revealed that BlockFi had better publicity to FTX than beforehand disclosed, in response to a CNBC report.
As of Jan. 14, BlockFi has $415.9 million price of property tied up on FTX and had loaned $831.3 million to Alameda, the paperwork confirmed. This places the crypto lender’s whole property linked to FTX and Alameda at over $1.2 billion.
BlockFi attorneys had beforehand said that the lender had $355 million price of property caught on FTX. The attorneys had additionally valued the mortgage to Alameda at $671 million. BlockFi’s whole publicity to FTX and Alameda, subsequently, stood at simply over $1 billion, in response to earlier disclosures.
BlockFi filed for Chapter 11 chapter weeks after the FTX and Alameda meltdown. The crypto lender had been struggling for the reason that collapse of hedge fund Three Arrows Capital in July. BlockFi had managed to safe a lifeline from FTX within the type of a $400 million credit score facility.
BlockFi had additionally prolonged FTX the choice to accumulate the agency for $240 million, however the deal fell aside when FTX filed for chapter.
Particulars about BlockFi customers
The uncensored paperwork additionally revealed that the lender had 662,427 customers. Of this, round 73% of customers had balances of lower than $1,000.
Between Could and November 2022, these customers had a cumulative buying and selling quantity of $67.7 million whereas the lender’s whole buying and selling quantity stood at $1.17 billion. BlockFi earned over $14 million in buying and selling income over the interval, at a mean of $21 in income per person, the paperwork confirmed.
Complete property
In keeping with the paperwork, BlockFi had $302.1 million in money and digital property price $366.7 million. The lender’s whole unadjusted property are price round $2.7 billion, with practically half linked to FTX and Alameda, the paperwork confirmed.
The defunct crypto lender has adjusted the worth of its mortgage to Alameda and its property on FTX to $0. In any case changes, its whole property are price $1.3 billion, the paperwork famous. Of this, simply over half — or $668.8 million — is “Liquid / To Be Distributed.”
