BlockFi Financial Records Expose $1.2 Billion Ties With FTX: Reports

Bankrupt lending firm BlockFi mistakenly disclosed exposure to $1.2 billion worth of FTX deposited on the exchange and Alameda Research, according to a latest Report by CNBC.

BlockFi’s financial data was erroneously uploaded on Tuesday without revisions, indicating more exposure to FTX than expected. In detail, the report found that BlockFi has $415.9 million in assets with FTX and another $831.3 million in loans to Alameda Research.

During the first court proceedings in the BlockFi bankruptcy case, attorneys representing the cryptocurrency lender revealed that the company had $355 million deposited on FTX and another $680 million loan with Alameda Research.

Currently, the report raises more questions about the transparency of commercial activities between the three organizations.

It highlights BlockFi’s financial exposure on FTX

Remember, FTX planned to file a 400 million dollars A credit facility for BlockFi after the latter was on the verge of bankruptcy due to its exposure to the algorithmic stablecoin Terra.

distance FTX breakdown In November, it was revealed that a large portion of the financial aid had been left behind on the cryptocurrency exchange, thrusting BlockFi into another round of financial crisis.

In an attempt to regain some of its assets with FTX, BlockFi lawsuit Sam Bankman-Fried’s holding company, Emergent Fidelity Technologies, on Nov. 28. BlockFi, through the lawsuit, aims to Recovery FTX promised to pay before it collapsed.

Moreover, the assets include 56 million shares of Robinhood, which were worth $465 million at the time of the filing. to me reportsProsecutors seized the shares on January 9, as they suspected they belonged to the embattled former CEO of FTX.

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