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BlockFi blames FTX for bankruptcy but lets bitcoin mining debt slide

Alongside the $275 million from FTX, BlockFi is also owed $54 million from bitcoin miner Core Scientific — but it hasn’t called in that debt.

BlockFi faces heavy losses from its loan to Core Scientific

Core holds 24 bitcoin and $26.6M in cash but has more than $1B in outstanding liabilities, including an $80M loan from BlockFi.

BlockFi says it no longer invests in GBTC as a corporation at all and is merely working on settling some loans that used GBTC as collateral.

Hedge funds using automated “quantitative” strategies are outperforming, converting the crypto market crash into big profits.

An FTX bailout of $750 million will keep two crypto lenders solvent: $250 million for BlockFi and $500 million for Voyager.