Blockfi Has Released an Uncensored Version of Financial Statements Related to Ftx.
Bankrupt crypto-lending firm BlockFi has reportedly accidentally uploaded uncensored financials, revealing $1.2 billion in assets tied up with bankrupt exchange FTX and irelated trading firm Alameda Research. According to a Jan. 24 report from CNBC, the unredacted filings show that as of Jan. 14, BlockFi had $415.9 million worth of assets linked to FTX and a whopping $831.3 million in loans to Alameda.
The previously censored financials were leaked as part of a presentation put together by M3 Partners, which is an advisor to the creditor committee and has reportedly admitted the filing was uploaded in error. The reasonably edited November 24 statement regarding a creditor committee’s objection that BlockFi is seeking to pay key employees $12.3 million in retention payments despite their limited operations and assets.
According to a later filing, the redacted sections included “trade secrets or confidential research, development or trade information.” Although BlockFi tried to separate itself from FTX and Alameda during the bankruptcy proceedings, the financial obligations of the companies are complicated. On July 1, FTX US — FTX’s U.S. arm — extended a $400 million line of credit to BlockFi after the lender was caught up in the contagion caused by the collapse of Terra’s algorithmic stablecoin on May 10. The deal also provided FTX US with the option to acquire BlockFi for “a variable price of up to $240 million based on performance triggers.”
Source: The Pipsafe Team – Blockfi Has Released an Uncensored Version of Financial Statements Related to Ftx.
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