TechFlow news, BlockFi's lawyer Joshua Sussberg said in bankruptcy court that BlockFi currently has $355 million worth of digital assets frozen on FTX. This amount does not include the $671 million in outstanding loans provided to Alameda Research.
FTX, once valued at $32 billion, filed for bankruptcy protection earlier this month in Delaware. The company had earlier this year provided BlockFi with a $275 million loan and is listed as BlockFi's second-largest creditor in the bankruptcy filing.
As previously reported, crypto lending firm BlockFi and its eight subsidiaries have officially filed for bankruptcy reorganization in a New Jersey bankruptcy court, with customer claims to be handled under Chapter 11 of the Bankruptcy Code. BlockFi will focus on recovering all debts owed by its counterparties—including FTX and related corporate entities. Due to FTX's recent collapse and its ongoing bankruptcy proceedings, the company expects recoveries from FTX will be delayed.
In addition, court filings show that BlockFi has more than 100,000 creditors, with estimated assets and liabilities both ranging between $1 billion and $10 billion. BlockFi currently still holds $256.9 million in cash, and platform services remain suspended.Original link
