Now bankrupt crypto lending company BlockFi has mistakenly uploaded uncensored financial datarevealing $1.2 billion in assets tied to cryptocurrency exchange FTX and trading firm Alameda Research.
According to a Jan. 24 report by CNBC, documents show that as of Jan. 14, BlockFi owned $415.9 million in FTX-related assetsso I $831.3 million in loans to Alameda.
The censored version of the same financial data had previously leaked online, following a presentation organized by M3 Partners, consultant to the creditors’ committee. The company later admitted that the file had been uploaded to the web by mistake. According to a later filing, the redacted parts would include “trade secrets or secret research, developments and information.“
On November 29, during the very first hearing of the bankruptcy proceedings, BlockFi’s lawyers had stated much lower figures: $355 million locked up in FTX and $680 million in loans to Alameda. But it is possible that the value of these funds has increased following the recent appreciation of Bitcoin (BTC).
Although BlockFi attempted to part ways with FTX and Alameda during bankruptcy proceedings, the state of financial obligations between the firms is complicated. On July 1, FTX US, the US branch of FTX, extended a $400 million credit line to BlockFi after the lender was in trouble after the collapse of algorithmic stablecoin Terra on May 10 .
The loan, with an interest rate of 5%, will expire on June 30, 2027. The deal also provided FTX US with the option to acquire BlockFi for “a variable price, up to $240 million, based on the company’s performance.“
BlockFi filed for Chapter 11 bankruptcy on Nov. 28, citing the collapse of FTX as the root cause of its financial woes.
