The FTX saga seems to have no end. Bankrupt cryptocurrency lender BlockFi has assets worth more than $1.2 billion tied to Sam Bankman-Fried’s FTX and Alameda Research, according to recent financial filings. The financial data had been reviewed before, but the unreviewed document was accidentally uploaded on Tuesday.
FTX previously revealed plans to rescue BlockFi when the company went underwater after Terra imploded. However, BlockFi filed for bankruptcy when FTX itself collapsed. The extent of BlockFi’s exposure to the exchange and its sister company Alameda Research was previously unknown.
BlockFi assets tied to FTX were worth $415.9 million as of Jan. 14, according to new financial data. Alameda, meanwhile, had loans totaling $831.3 million. Earlier, lawyers representing BlockFi said the loan to Alameda was worth $671 million. Additionally, they claim that the exchange has frozen $355 million in Crypto assets. Since the filing date, the value of Bitcoin (BTC) and Ethereum (ETH) has increased, and therefore, the value of the asset has also increased.
All adjusted, BlockFi’s assets total just under $1.3 billion. Of all assets, only $668.8 million was classified as “liquid/pending distribution.”
The filing shows that BlockFi’s 125 active employees are paid handsomely. Some employees were kept on board as part of the company’s retention plan. Combined compensation for retained workers will amount to $11.9 million per year. According to the presentation, the average salary of the five employees still working for the company is $822,834, suggesting that BlockFi’s retention plan is larger than in similar cryptocurrency situations.
Feds Seize $50M in Farmington State Bank Linked to FTX Boss
Federal prosecutors claim to have seized $50 million from the one-branch Farmington State Bank, according to court documents. Prosecutors allege that the assets were part of an elaborate conspiracy by SBF to channel them through the FTX exchange.
The money was forfeited Jan. 4 as part of multiple indictments, according to court records. As part of the investigation, Bankman-Fried deposited millions of dollars at Farmington State Bank, the 26th smallest U.S. bank, prosecutors said.
Investigators reportedly seized $49,999,500 from the bank. The money was held in an account called “FTX Digital Markets” in the name of Moonstone Bank. The forfeited $50 million would be more than half of the estimated total assets of $98.9 million deposited in banks through September 2022.
Source of information: Compiled from WATCHER by 0x Information.Copyright belongs to the author Paigambar Mohan Raj, without permission, may not be reproduced