Uncensored blockfi finance data leaked, almost half of all assets bound to the FTX Group
Uncensored blockfi finance data leaked, almost half of all assets bound to the FTX Group
Blockfi, which was already shaken by the previous exposure to 3AC, had to register bankruptcy after the FTX group collapse according to Chapter 11 and take a considerable number of crypto-related companies.
The relationship of the FTX Group to Blockfi was two -sided - on the one hand, the Stockse Blockfi had previously granted a credit line that suffered from the collapse of 3AC at this point. On the other hand, the crypto loan had part of his assets on the FTX platform and borrowed money to Alameda Research. Together, these amounts exceed the amount that FTX Blockfi could have borrowed, considerably.
over $ 1.2 billion associated with SBF's companies
Due to the recent recovery of Bitcoin, the value of the loans and holdings of Blockfi in the FTX Group increased compared to the value specified in the original insolvency application. According to the leaked report, blockfi assets are currently frozen on the accounts of FTX.
A further $ 831.3 million of now frozen assets were borrowed from Alameda, which adds to a whopping $ 1.2 billion to which block fi has no access to renovate the creditors, as reported CNBC
In addition, the lender has a lawsuit against Emergent Fidelity Technologies Ltd. submitted, the company of SBF, which was founded to keep its shares in Robinhood. Part of these shares were allegedly used as security for some of the assets from Blockfi awarded to the FTX group, the same stocks tried to sell SBF to finance his legal defense to the disadvantage of FTX creditors.
documented document reveals information about the stocks of the users
The leaked document, which M3 Partners put together for demonstration purposes, should originally be censored before it is presented to the public. Fortunately, the document does not reveal any personal information about Blockfi users.
However, it reveals important information from a bird's eye view of creditors, which indicates that Blockfi had 662,427 customers when it went down.
73% of the accounts held assets worth $ 1,000 or less, another 20% kept assets between $ 1,000 and $ 10,000. About 1 % of customers had stocks between $ 50,000 and $ 250,000, and less than 1 % of blockfi customers held $ 250,000 or more on their accounts.
The leaked report also contains data on cumulative trade volumes, balances and activities, luckily to reveal without the identity of individual users, although this information could be suspected for the higher levels.
The bankruptcy proceedings of blockfi continue to chug, with the final goal, to keep the platform afloat and finally, if possible, to come back more.
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