Per CNBC
Bankrupt BlockFi had $1.2 Billion in Assets Tied to Sam Bankman-Fried
1/25/2023
BlockFi previously filed for bankruptcy and was among the multiple crypto firms affected by the demise of FTX. Financial documents revealed that there was actually $1.2 billion in assets tied to Sam Bankman-Fried through FTX and Alameda Research.
The company filed for Chapter 11 bankruptcy after it was supposed to be saved by FTX before it collapsed. BlockFi reportedly had assets worth $415.9 million that were linked to FTX.
On top of the assets linked to the now-bankrupt crypto firm, BlockFi also had loaned $831.3 million to Alameda per the balance shown. On the other hand, lawyers noted that they had lent $671 million to Alameda while $355 million worth of digital assets were frozen amid FTX's collapse.
This comes at a time when executive traditional finance figures like Jamie Dimon, CEO of JP Morgan, lost hope in Bitcoin. The CEO likened the top cryptocurrency to a pet rock, saying it would still top at 21 million.
While SBF is dealing with charges related to defrauding FTX investors, the once-crypto exchange's competitor, Binance, is making moves to provide more assurance to its traders by allowing them to keep the collateral off-chain. This comes while other companies across the crypto space are massively downsizing their numbers.
BlockFi reportedly had $2.7 billion worth of unadjusted assets, including its ties to FTX and Alameda, which total almost half. The latest released financials dropped the value of assets connected to crypto firms to $0.
After losing its $1.2 billion, BlockFi was left with around $1.3 billion in assets, half of which were distributable to investors. An exact $668.8 million was described as "liquid" or for distribution.
BlockFi had $302.1 million in cash and $366.7 million in wallet assets. 73% of BlockFi's 662,427 users only have balances of less than $1,000.
See flow at unusualwhales.com/flow.
Other News:
- Bitcoin is a hyped-up fraud, it’s a pet rock: JP Morgan, JPM, CEO Jamie Dimon
- Binance Lets Traders Keep Collateral Off-Chain Amid FTX Collapse Concerns
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