BlockFi Has $355 Million in Digital Assets ‘Frozen’ on FTX

Nov 30,2022
KingData News: Troubled crypto lender BlockFi has $355 million in digital assets frozen on FTX’s platform, the company said in court. BlockFi attorney Joshua Sussberg also shared new details about how closely intertwined BlockFi’s finances were with FTX and the company's sister trading firm, Alameda Research. “In addition to the loan arrangement, and the $275 million that was drawn, BlockFi acted as a lender to Alameda, which is an FTX trading subsidiary, and they also had crypto on the FTX platform,” Sussberg said in court. “Specifically, BlockFi had $671 million in outstanding loans that are defaulted to Alameda and $355 million in digital assets that, unfortunately, are now frozen on the FTX platform.”
Cryptocurrency lending company BlockFi filed for bankruptcy protection and has fired most of its employees, according to a Nov. 28 news release. As previously reported, BlockFi was facing a liquidity crisis due to its large exposure to FTX.
492Follow
73,368

Recommend

More