“BlockFi’s Financials Leaked: The Inside Story of the Bankrupt Crypto Lender’s Ties to FTX and Alameda Research”
BlockFi, a crypto lender, has had its “secret financials” exposed in a recent CNBC report. According to the report, the now bankrupt company had $1.2 billion in assets tied up with FTX and Alameda Research.
The information was accidentally leaked by an advisor to the creditor committee, who uploaded an uncensored version of the financials. This has now exposed all of BlockFi’s financials for the world to see.
The documents reveal that $415.9 million worth of assets are frozen on FTX and $831.3 million was loaned out to Alameda. These assets account for approximately 50% of all of BlockFi’s assets. Currently, the company has $1.3 billion in assets remaining, but only $669 million is considered “liquid/to be distributed”.
BlockFi is currently going through its bankruptcy process, so it is yet to be determined how much money they will be able to recover. The crypto lender has also recently sued one of Sam Bankman-Fried’s holding companies seeking some of his shares in Robinhood that were pledged as collateral.
The situation can be summed up as one friend lending a large amount of money to two other broke friends. The two broke friends then went to Vegas and lost it all on roulette, drugs, and luxury penthouses. Now, everyone is broke and their friends have disappeared.