BlockFi financial leaks shows $1.2 billion FTX links

BlockFi, a crypto lending firm that recently filed for bankruptcy, has leaked financial data that show $1.2 billion in assets linked to bankrupt exchange FTX and its related trading firm Alameda Research. The information was revealed in a presentation put together by M3 Partners, an advisor to the creditor committee, and apparently were uploaded by mistake.

According to the leaked financials, as of Jan 14, BlockFi had $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda.

These figures are significantly higher than the previously reported figures from Nov. 24, which stated that BlockFi had $355 million stuck on FTX and $680 in loans to Alameda. It is worth noting that the value of the funds have increased with the price of Bitcoin ($BTC) since then – but not to the same point of the revealed financial data.

BlockFi has tried to isolate itself from the ill-reputated FTX throughout its bankruptcy proceedings, but the financial ties have meant that it has been difficult for BlockFi to completely separate from Alameda and FTX.

In addition to the financial ties to FTX and Alameda, the leaked information in the presentation also showed that the firm is seeking to pay key employees $12.3 million in retention payments, in spite of their limited assets available. This has led to an objection from the creditor committee, who argue that the payments are not appropriate given the company’s current financial situation.

BlockFi’s bankruptcy

BlockFi filed for Chapter 11 bankruptcy at the end of November, pointing to the collapse of FTX – an event that had happened just a few weeks prior – as the root of its liquidation concerns. Since then, BlockFi has been met with several challenges such as an ongoing lawsuit with creditors seeking collateral that the firm had pledged to pay in the first week of November. Of this collateral includes shares in the crypto firm Robinhood.

BlockFi’s bankruptcy case is a complex one with moving parts linked to FTX and legal ramifications related there, and the outcome will likely depend on a variety of factors such as the outcome of the lawsuits and the company’s assets and debt.

Big crypto names that have filed for bankruptcy over the years

Since the launch of Bitcoin and trade exchanges in the industry, BlockFi isn’t the first name nor will it be the last to declare bankruptcy. Over the years, there have been some heavy-hitters that have been forced to file for bankruptcy for a number of reasons, such as:

Mt. Gox

This was once the largest cryptocurrency exchange in the world, handling over 70% of all Bitcoin transactions. However, in 2014, the exchange filed for bankruptcy after losing 850,000 bitcoins (worth around $450 million at the time) due to a hack.


This Canadian cryptocurrency exchange filed for creditor protection in 2019 after its founder and CEO, Gerald Cotten, died suddenly and it was revealed that he was the only person who had access to the exchange’s cold wallets, resulting in the loss of $190 million in customer funds.


This Italian cryptocurrency exchange filed for bankruptcy in 2018 after losing 17 million Nano (XRB) tokens (worth around $170 million at the time) due to a hack.


This Japanese cryptocurrency exchange filed for bankruptcy in 2018 after losing over $500 million in NEM tokens due to a hack.


This New Zealand-based cryptocurrency exchange filed for liquidation in 2019 after suffering a hack that resulted in the loss of around $16 million in assets.

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