BlockFi bankruptcy: $1.2 billion exposure to FTX and Alameda mistakenly revealed

BlockFi bankruptcy: .2 billion exposure to FTX and Alameda mistakenly revealed


Inadvertent revelation – News financial donations show an increase in exposure of BlockFi a FTX and its sister company Mall. The discrepancies between the amounts presented on different dates could be due to a revival in the form of the crypto markets.

Accidental revelation of $1.2 billion exposure

Lords of a recent presentation, M3 Partnerswho serves as adviser to BlockFi’s creditors’ committee, has revealed new numbers, as to the bankrupt crypto lending firm’s exposure to FTX and Alameda.

Uncensored Financial Statements That Have Been Downloaded – Uploaded – By Mistake, Demonstrate That BlockFi Would Have $415.9 million assets linked to FTX, and would be exposed up to $831.3 million in Alameda, on January 14th.

BlockFi fell victim to the FTX contagion

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20% difference between the amounts due to the increases of 33% and 29% of Ether and Bitcoin?

The total of these recently released figures is environment top 20% to the sum of the amounts that BlockFi’s attorney, Joshua Susberg, at the request of the first hearing of the company’s failure proceedings, on November 29. BlockFi funds locked in FTX are currently closed Raised to $355 million, and Alameda expected $680 million of unpaid loans to the crypto lending company.

between the time when BlockFi is happy with Chapter 11 protection of the American bankruptcy law, November 28, and this date of January 14, the Ether (ETH) price registered an environment house 33%while you Bitcoin (BTC) price jumped from 29%. These significant increases could explain – in whole or in part – the differences in the November 28 figures and the January 14 amounts.

Value of BlockFi assets: less than $1.3 billion after adjustment

In effect, these assets of BlockRelied to FTX and Alameda are (highly) bad debts. The latest financial information that the company has released shows that the value of the assets locked in FTX and the outstanding loan receivable from Alameda has been fixed at $0.

BlockFi’s stock value is still true by a bit $1.3 billion coins, after adjustments. Furthermore, only $668.8 millioni.e. approximately 48% of the adjusted value of these assets, are considered liquid and can therefore be distributed.

BlockFi needs to make its balance sheet – or more specifically its assets – more liquid in order to be able to repay its creditors. To have cash, the company launched a call for tenders last year, for I will sell $160 million worth of crypto loansguaranteed for 68,000 mining machines.

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