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Crypto lending giant BlockFi had exposure exceeding $1.2 billion to Sam Bankman-Fried’s collapsed FTX-Alameda empire.
The figure exceeds the size of BlockFi’s previously stated exposure and amounts to nearly half of the company’s assets.
BlockFi’s Massive Exposure
As reported by CNBC, documents detailing BlockFi’s exposure were meant to be redacted but were mistakenly published without the redactions on Tuesday.
The unredacted filing showed BlockFi held $415.9 million of assets linked to FTX, alongside $831.3 million in loans to Alameda, as of January 14. BlockFi lawyers previously claimed that exposure to each company was valued at $355 million and $671 million respectively. January’s crypto market rally, which took Bitcoin’s price to over $23,000, has bolstered those numbers.
M3 Partners, an advisor to the creditor committee, assembled the financial presentation. The firm is entirely composed of creditors to BlockFi, who are still out of their money after the firm filed for bankruptcy.
FTX and Alameda Research collapsed in November after the exchange failed to satisfy an avalanche of withdrawal requests. The exchange opened a $250 million credit facility with BlockFi in June to keep the lending firm stable after Three Arrows Capital went under – but in its own demise, brought the lender down with it.
FTX published a redacted list of its largest unsecured creditors last week, topped by Genesis with an unliquidated claim of $226 million. Genesis – the latest major lender to file for bankruptcy – was accused of including misleading information in its financial documents by one of its creditors.
What Else Did BlockFi Reveal?
BlockFi’s leaked document also includes details on its customer numbers, with great detail on the size of their accounts, and their trading volume. Its total adjusted assets are worth $2.7 billion, which includes $302.1 million in cash, $366 million in crypto wallets, and the $1.2 billion tied up with FTX and Alameda.
The firm’s latest financials have adjusted the value of both the Alameda loans and FTX-affiliated assets have been adjusted to zero. Without this, the firm has about $1.3, of which roughly half is considered liquid.
BlockFi’s remaining 125 employees are still collectively absorbing $11.9 million in yearly payments. Five of those employees make an average of $822,834, while three client success employees will take in $134,000 on average.