Uncensored BlockFi Financials leaked nearly half of all assets linked to FTX Group

BlockFi, already shaken by 3AC’s previous exposure, was forced to file for Chapter 11 bankruptcy shortly after the FTX conglomerate collapsed, taking a slew of cryptocurrency-related companies.

FTX Group’s relationship with BlockFi was two-sided — on the one hand, the exchange had previously extended a credit line to BlockFi, which was reeling at the time from the 3AC crash. On the other hand, the cryptocurrency lender held a portion of its assets on the FTX platform and lent the money to Alameda Research. Combined, these amounts greatly exceed the amount FTX would have given to BlockFi.

More than $1.2 billion is associated with SBF companies

Due to Bitcoin’s recent recovery, BlockFi’s loans and holdings with FTX Group have increased in value compared to the value stated in the original bankruptcy filing. According to the leaked report, a total of $415.9 million in BlockFi assets are currently frozen in FTX accounts.

Another now-frozen $831.3 million in assets was loaned to Alameda, adding to the $1.2 billion that BlockFi is unable to reach to make full creditors, CNBC reported.

In addition, the lender has also filed a lawsuit against Emergent Fidelity Technologies Ltd, the SBF company formed to own his shares of Robinhood. Some of these shares were allegedly pledged as collateral for some BlockFi assets loaned to FTX Group, the same shares that SBF is trying to sell to fund its legal defense at the expense of FTX creditors.

The leaked document reveals information about the users’ holdings

The leaked document, compiled by M3 Partners for illustrative purposes, was originally meant to be censored before being released to the public. Fortunately, the document does not disclose personal information about BlockFi users.

However, it reveals important information about creditor deposit overviews, indicating that BlockFi had 662,427 customers when it fell.

73% of the accounts have assets of $1,000 or less, with another 20% holding between $1,000 and $10,000. About 1% of customers have between $50,000 and $250,000, and less than 1% of BlockFi customers have $250,000 or more in their accounts.

The leaked report also provides data on cumulative trading volumes, balances, and activity, thankfully without revealing the identity of individual users, although this information can be assumed for higher levels, with enough effort.

BlockFi’s bankruptcy proceedings continue to be contentious, with the ultimate goal of keeping the platform afloat and eventually coming back stronger, if that’s at all possible.

BlockFi Financials Uncensored Post Leaked Nearly Half of All Assets Associated with FTX Group Debuted on CryptoPotato.

Leave a Reply

Your email address will not be published. Required fields are marked *