Unredacted BlockFi financials show over $1.2B link to FTX, Alameda

BlockFi had more than $1.2 billion in assets associated with the bankrupt FTX and Alameda Research, according to financial documents that were erroneously uploaded without redaction on Jan. 24.

According to CNBC, previously redacted documents revealed that BlockFi was exposed to more FTX than previously disclosed. report.

As of January 14, BlockFi had $415.9 million worth of assets in FTX and had lent $831.3 million to Alameda, documents show. This brings the total assets of crypto lenders associated with FTX and Alameda to over his $1.2 billion.

BlockFi’s attorneys previously said the lender had $355 million worth of assets in FTX. Lawyers also valued the loan to Alameda at $671 million. Thus, according to previous disclosures, BlockFi’s total exposure to FTX and Alameda put him at just over $1 billion.

BlockFi has filed for Chapter 11 bankruptcy just weeks after the FTX and Alameda meltdowns. Crypto lenders have been struggling since hedge fund Three Arrows Capital collapsed in July. BlockFi has managed to secure a lifeline from his FTX in the form of a $400 million line of credit.

BlockFi also extended an option to acquire FTX for $240 million, but the deal fell apart after FTX filed for bankruptcy.

BlockFi User Details

Uncensored documents also revealed that the lender had 662,427 users.

Between May and November 2022, these users had a cumulative trading volume of $67.7 million, with a total lending volume of $1.17 billion. According to the documents, BlockFi made more than $14 million in transaction revenue for him during this period, with an average revenue per user of $21.

Total assets

According to the documents, BlockFi had $302.1 million in cash and $366.7 million worth of digital assets. The lender’s total unadjusted assets are worth about $2.7 billion, nearly half of which is tied to FTX and Alameda, the documents showed.

The defunct crypto lender has adjusted the value of its loan to Alameda and its FTX assets to $0. After all adjustments, its total assets are worth $1.3 billion, the documents note. Just over half of this, or $668.8 million, is “Liquid / To Be Distributed.”

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