A previously redacted financial documents was mistakenly released without the redactions and the figures would explain the fall of BlockFi.
According to the document, the crypto lender held $355 million in assets now frozen in FTX, along with around $416 million worth of assets linked to FTX. However, a loan to Alameda Research, which was valued at $671 million according the BlockFi’s lawyers, is in reality worth around $831 million.
SBF had positioned himself and FTX as the saviors of BlockFi, after the lender suffered great financial losses from the collapse of Terra and Three Arrows Capital, to which the lender was exposed.
But the implosion of the FTX empire and the bankruptcy filing on Nov. 11 caused BlockFi to file itself for Chapter 11 in late November. Considering the current bankruptcy of FTX, all assets and loans tied to SBF’s empire have been adjusted to $0. The crypto lender reportedly has around $1.3 billion in assets, but only about half that are described as “Liquid / To Be distributed “.
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