BlockFi Financial Records Reveal $1.2B Ties to FTX: Reports
Bankrupt crypto lending firm BlockFi accidentally revealed $1.2 billion exposure to FTX that has been deposited with the exchange and Alameda Research, according to a recent report by CNBC.
The financials for BlockFi were mistakenly uploaded on Tuesday without revisions, indicating a greater exposure to FTX than anticipated. In a breakdown, the report established that BlockFi had $415.9 million worth of assets with FTX and another $831.3 million in loans to Alameda Research.
During the first court proceeding on BlockFi’s bankruptcy case, lawyers representing the crypto lender disclosed that the firm has $355 million deposited on FTX and another $680 million loan with Alameda Research.
Currently, the report raises more questions about the transparency of the business activities between the three organizations.