Tuesday, May 30, 2023
  • About
  • Privacy Policy
  • Editorial Principles
  • Why to trust us
  • Contact
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
Scoop Nova
  • Home
  • Business
  • Technology
  • Scandals
  • Politics
No Result
View All Result
Scoop Nova
Home Technology

BlockFi secret financials show $1.2 billion tie to FTX and Alameda

admin by admin
January 25, 2023
in Technology
0
BlockFi secret financials show $1.2 billion tie to FTX and Alameda
587
SHARES
3.3k
VIEWS
Share on FacebookShare on Twitter

You might also like

Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

Tech stocks are back, driven by A.I. craze, slowing rate hikes

Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says

This illustrated photo taken in Krakow, Poland, on November 14, 2022, shows the BlockFi logo and representations of cryptocurrencies displayed on a mobile phone screen.

Jakub Porzycki | Null Photo | Getty Images

bankrupt crypto lender block phi Previously compiled financial information, which had more than $1.2 billion in assets tied to Sam Bankman-Fried’s FTX and Alameda Research, was mistakenly uploaded Tuesday without redaction.

BlockFi’s exposure to FTX was greater than previous disclosures suggested. The company he filed for Chapter 11 bankruptcy protection in late November. Collapse of FTXagreed to save a struggling lender before its own meltdown.

Balances shown in unredacted BlockFi filings include $415.9 million worth of assets related to FTX and an $831.3 million loan to Alameda. These numbers are current as of January 14th. Both Bankman-Fried companies were embroiled in his FTX bankruptcy in November, and the cryptocurrency market was rocked.

BlockFi’s lawyers previously said the loan to Alameda was $671 million worththere was another $355 million in digital assets frozen on the FTX platform.

The financial presentation was put together by M3 Partners, an advisor to the Board of Creditors. The law firm is represented by Brown-Rudnick Law Firm and is made up entirely of BlockFi clients who are in debt from bankrupt lenders.

An attorney for the creditors committee confirmed to CNBC that the unredacted file was uploaded in error, but declined to comment further.Attorneys for BlockFi did not respond to a request for comment.

Other information currently available about BlockFi includes high-level details regarding customer numbers, account sizes, and trading volumes.

BlockFi had 662,427 users, of whom nearly 73% had an account balance of less than $1,000. Over the six months from May to November of last year, these customers had a cumulative trading volume of $67.7 million, for a total trading volume of $1.17 billion. According to the presentation, BlockFi generated over $14 million in trading revenue during that period, with an average revenue of $21 per customer.

The company had $302.1 million in cash and $366.7 million in wallet assets. In all, the crypto lender holds nearly $2.7 billion worth of unadjusted assets, nearly half of which is tied to his FTX and Alameda, the presentation shows.

BlockFi’s failure was sparked by exposure to Three Arrows Capital, a cryptocurrency hedge fund that has filed for bankruptcy protection. in July.FTX is rescue plan For BlockFi, that deal collapsed when FTX faced its own set of problems through its $400 million revolving credit facility. liquidity crisis and soon went bankrupt.

According to the latest released BlockFi financial information, the value of both Alameda’s loan bond and assets related to FTX have been adjusted to $0. After all adjustments, BlockFi’s assets are approaching $1.3 billion, of which only $668.8 million is listed as “current/to be distributed.”

BlockFi’s remaining 125 employees are being paid heavily as part of a proposed retention plan designed to keep some people on board during the bankruptcy process.

Retained employees will recover a total of $11.9 million on an annual basis. Among the remaining staff he has three client success staff, each earning an average of over $134,000 a year.

According to the presentation, the five employees still with the company today have an average annual salary of $822,834, which indicates that BlockFi’s retention plan is “larger than the equivalent cryptocurrency case.” increase.

look: The FTX Collapse Is Shaking Crypto To Its Core

Tags: AlamedabillionBlockFiBusiness newsCryptocurrencyCryptocurrency exchangefinancialsFinTechFTXInvestment strategySecretshowtechnologytie
Previous Post

Classified documents found at Mike Pence's Indiana home

Next Post

F1 sends incendiary letter to FIA after 'inflated price tag' claim

admin

admin

Related Posts

Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.
Technology

Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

by admin
May 29, 2023
Tech stocks are back, driven by A.I. craze, slowing rate hikes
Technology

Tech stocks are back, driven by A.I. craze, slowing rate hikes

by admin
May 27, 2023
Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says
Technology

Investment in fossil fuels set to exceed $1 trillion in 2023, IEA says

by admin
May 25, 2023
TikTok sues Montana over app ban
Technology

TikTok sues Montana over app ban

by admin
May 23, 2023
Twitter accuses Microsoft of using data in unauthorized ways
Technology

Twitter accuses Microsoft of using data in unauthorized ways

by admin
May 19, 2023
Next Post
F1 sends incendiary letter to FIA after ‘inflated price tag’ claim

F1 sends incendiary letter to FIA after 'inflated price tag' claim

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Retailers brace for tougher times and more frugal customers in 2023

Retailers brace for tougher times and more frugal customers in 2023

January 3, 2023
Google reorganization in Assistant follows Bard launch, memo says

Google reorganization in Assistant follows Bard launch, memo says

March 30, 2023

Categories

  • Business
  • Politics
  • Technology

Don't miss it

Commercial real estate firms join to recruit Black student-athletes
Business

Commercial real estate firms join to recruit Black student-athletes

May 29, 2023
Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.
Technology

Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

May 29, 2023
What’s in the debt ceiling deal struck by Biden and McCarthy?
Politics

What’s in the debt ceiling deal struck by Biden and McCarthy?

May 29, 2023
Ford Tesla EV charging deal puts pressure on GM
Business

Ford Tesla EV charging deal puts pressure on GM

May 27, 2023
Tech stocks are back, driven by A.I. craze, slowing rate hikes
Technology

Tech stocks are back, driven by A.I. craze, slowing rate hikes

May 27, 2023
JPMorgan CEO Jamie Dimon deposed in Jeffrey Epstein suit
Politics

JPMorgan CEO Jamie Dimon deposed in Jeffrey Epstein suit

May 27, 2023
Scoop Nova

Scoop Nova is the only worldwide news organization with a European perspective, and it’s where the rest of the world goes to hear what the World has to say.

Categories

  • Business
  • Technology
  • Scandals
  • Politics

Quick Links

  • About Scoop Nova
  • Contact us
  • Editorial Principles
  • Why to trust us
  • Privacy Policy
  • Sitemap

Recent News

Commercial real estate firms join to recruit Black student-athletes

Commercial real estate firms join to recruit Black student-athletes

May 29, 2023
Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

Wharton’s Jeremy Siegel predicts Big Tech boom fueled by A.I.

May 29, 2023

© Copyright 2022 ! All rights are reserved by scoopnova.com

  • Home
  • Business
  • Technology
  • Scandals
  • Politics

© Copyright 2022 ! All rights are reserved by scoopnova.com