BlockFi revealed in a court hearing for its chapter 11 bankruptcy that Alameda owes it around $680M, while it also has $355M of funds frozen on FTX. But there are complications...
A lawyer for BlockFi told the first day hearing of its bankruptcy proceedings that the crypto lender has $355 million stuck on FTX and that the collapsed exchange’s sister company Alameda Research has defaulted on a $680 million loan.on Nov. 28 which were approved by the court in the first day hearing on Nov.
The message to clients said that BlockFi’s “singular focus” throughout the proceedings is “maximizing value for all clients and other stakeholders.”, BlockFi’s attorney, Joshua Sussberg, also added in the hearing that BlockFi plans to reopen withdrawals to customers at an unspecified time, and he was optimistic that the firm will be able to salvage the business after the restructuring.
While FTX and Alameda owe BlockFi around $1 billion, the state of financial obligations is made more complicated by theAccording to BlockFi, which cited the FTX collapse as the reason for its woes, it still owes $275 million to FTX US in a deal which it claims was agreed to by 89% of its shareholders.
The funds were provided to BlockFi after it was caught up in the contagion caused by the collapse of Terra’s stablecoin on May 10. BlockFi revealed that the loan is set to mature on Jun. 30 2027 and has an interest rate of 5%.
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