Unredacted document shows $1.2B in BlockFi assets linked to SBF
Bankrupt lender BlockFi was revealed to have more than $1 billion in assets linked to FTX and Alameda Research when a creditor committee accidentally published unredacted financial records.
As reported by CNBC, the hastily-unpublished documents showed that the company, which filed for Chapter 11 bankruptcy protection in November, has just under $416 million worth of assets tied to FTX and a little over $831 million in loans to Alameda. This is considerably more than the $1.02 billion claimed in previous financial disclosures.
The documents were published in error by the credit committee’s advisor, M3 Partners. The firm is composed entirely of BlockFi clients owed money by the company.
Read more: FTX owes $3B to 50 creditors including Genesis and BlockFi
According to CNBC, BlockFi made just over $14 million in trading revenue between May and November last year, averaging $21 in revenue per customer.
The firm also had just over $300 million in cash, $366.7 million in wallet assets, and a total of nearly $2.7 billion in unadjusted assets. Almost half of this total is linked to FTX and Alameda.
Remaining BlockFi employees share $12 million windfall
As detailed by CNBC, the presentation also shows that BlockFi is paying out vast amounts to its 125 remaining employees in an effort to keep them on board as it navigates bankruptcy.
The remaining workforce will pick up an aggregate $11.9 million. These staff members include three client success specialists, who will be paid an annualized average of over $134,000, and five unnamed employees who will pocket an average of over $820,000.
Quotes in bold are our emphasis. For more informed news, follow us on Twitter and Google News or subscribe to our YouTube channel.