BlockFi platform lost more than $1 billion due to FTX and Alameda Research
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Non-bank credit institution BlockFi lost $1.2 billion due to the bankruptcy of FTX and Alameda Research. Money was invested in companies before the collapse and remained blocked after filing for bankruptcy. This information was accidentally released by M3 Partners, which is BlockFi’s bankruptcy advisor, CNBC reported. As of Jan. 14, BlockFi has invested $415.9 million in FTX and $831.3 million in its Alameda fund, according to financial information. On November 11, BlockFi announced it was suspending withdrawals for customers. This decision was made in connection with the problems of FTX, FTX US and Alameda. At the end of November, the
Defunct lending platform BlockFi has secured claims from FTX, allowing it to repay customers and creditors whose funds were tied because it failed in 2022. Its plan administrator, Mohsin Y. Meghji, submitted a report to the U.S. Bankruptcy Court for the District of New Jersey, stating BlockFi closed a transaction,…
The proceeds of the credit facility are intended to be contractually subordinate to all client balances, according to BlockFi CEO Zac Prince FTX-associated Alameda Research previously provided $500... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Go to Source Author:…