BlockFi platform lost more than $1 billion due to FTX and Alameda Research

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 platform and eight of its subsidiaries filed for bankruptcy.

On the first day of court hearings, the firm said it had $355 million on FTX and $671 million on Alameda’s delinquent loan, for a total of $1.026 billion.

After filing for bankruptcy, BlockFi sought to sue former FTX CEO Sam Bankman-Fried for $648 million in Robinhood shares.

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