BlockFi secret financials show a $1.2 billion relationship with Sam Bankman-Fried’s crypto empire

Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied to Sam Bankman-Fried’s FTX and Alameda Research, according to previously redacted financials that were mistakenly uploaded on Tuesday without the redactions. BlockFi’s exposure to FTX was more extensive than previously disclosed. The company filed for Chapter 11 bankruptcy protection in late November following the collapse of FTX, which had agreed to rescue the struggling lender before its meltdown.

The balance shown in the unredacted BlockFi filing includes $415.9 million in assets linked to FTX and $831.3 million in loans to Alameda. Those figures are as of Jan. 14. Bankman-Fried’s firms were included in FTX’s November bankruptcy, which sent the crypto markets reeling. Lawyers for BlockFi had said earlier that the loan to Alameda was valued at $671 million, while an additional $355 million in digital assets were frozen on the FTX platform. Bitcoin and ether have since rallied, lifting the value of those holdings. M3 Partners, an advisor to the creditor committee, assembled the financial presentation. The firm is represented by the law firm Brown Rudnick and is entirely composed of BlockFi clients to whom the bankrupt lender owes money.


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