BlockFi $1.2 Bln Ties With SBF Exposed

According to financial data, which was mistakenly uploaded on Tuesday without alteration, reveals that bankrupt crypto lender BlockFi has more than $1.2 billion linked to SBF’s FTX and Alameda Research.

What is in the Financial Data?

As reported by CNBC, the secret financial data dated January 14 reveals that BlockFi filings include $415.9 million in assets related to FTX and $831.3 million loan to Alameda. The financial presentation was prepared by M3 Partners which is an advisor to the creditors’ committee. However, a lawyer from the same committee confirmed to CNBC that the financial documents were uploaded in error and declined to comment further.

As per the previous reports, BlockFi lawyers said that the loan to Alameda Research was worth $671 million.

BlockFi and FTX Saga

On November 11, FTX and its affiliates filed for bankruptcy after SBF resigned from the CEO position. FTX mentioned in its bankruptcy filing that the exchange faced a severe liquidity crisis that necessitated the filing of these cases on an emergency basis.

BlockFi suspended withdrawals as concerns over the FTX debacle and on November 28, the lender also filed for Chapter 11 bankruptcy protection.

Also Read: U.S. Regulators Seize $700 Million Belonging To FTX’s Sam Bankman-Fried

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Divya Sinha

Divya is a crypto enthusiast. Loves to read and learn about crypto.

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