Bankrupt crypto lending firm BlockFi has reportedly accidentally uploaded uncensored financial data, revealing $1.2 billion in assets linked to bankrupt exchange FTX and related trading company Alameda Research.
According to a Jan. 24 report from TSTIME, the unredacted documents show that as of Jan. 14, BlockFi had $415.9 million in assets tied to FTX and a whopping $831.3 million in loans to Alameda.
The previously censored financials were leaked as part of a presentation by M3 Partners, who is an advisor to the creditors’ committee and has reportedly admitted that the filing was uploaded in error.
The properly redacted Nov. 24 statement addresses the objection of the creditors’ committee that BlockFi wants to pay key employees $12.3 million in retention payments despite their limited operations and assets.
According to a later filing, the redacted portions contained “trade secret”.[s] or confidential research, development or commercial information.”
On Nov. 29, during the first hearing of the bankruptcy proceedings, BlockFi’s lawyers said the numbers tied $355 million on FTX and $680 in loans to Alameda, but the value of the funds has risen with the price of Bitcoin (BTC) From that moment on.
While BlockFi has attempted to separate from FTX and Alameda during the bankruptcy proceedings, the state of financial obligations between the companies is complicated.
On July 1, FTX.US — the US arm of FTX — extended a $400 million line of credit to BlockFi after the lender became caught up in the contagion caused by the collapse of Terra’s algorithmic stablecoin on May 10, 2022.
The loan matures on June 30, 2027 and has an interest rate of 5%.
The deal also offered FTX.US the option to acquire BlockFi for “a variable price of up to $240 million based on performance triggers.”
Related: BlockFi Sells $160 Million in Bitcoin Miner Backed Loans: Report
On Nov. 28, BlockFi also sued a holding company of Sam Bankman-Fried’s, Emergent Fidelity Technologies, seeking collateral the company promised to pay on Nov. 9, including shares in the online brokerage Robinhood.
BlockFi filed for Chapter 11 Bankruptcy on November 28, citing the collapse of FTX just weeks earlier as the cause of its financial troubles.
TSTIME reached out to BlockFi and M3 Partners for comment, but did not immediately receive a response.