The records previously contained restricted financial information on FTX and Alameda Research, but uncensored copies were accidentally leaked.
Bankrupt crypto lending firm BlockFi is said to have posted uncensored financials by mistake, disclosing $1.2 billion in assets linked to bankrupt exchange FTX and its connected trading firm Alameda Research.
According to an unredacted filing seen by CNBC on January 24, BlockFi had $415.9 million in assets related to FTX as of January 14 and a whopping $831.3 million in loans to Alameda.
The previously censored financials were disclosed as part of a presentation put together by M3 Partners, a creditor committee advisor who has apparently claimed the filing was posted in error.
The correctly redacted Nov. 24 declaration is in response to the creditor committee’s concern that BlockFi is attempting to pay key personnel $12.3 million in retention compensation despite the company’s limited operations and assets.
The censored portions involve “trade secrets or proprietary research, development, or commercial information,” according to a subsequent filing.
BlockFi’s lawyers stated on Nov. 29 during the first day of its bankruptcy proceedings that the figures were $355 million stranded on FTX and $680 in loans to Alameda, although the value of the cash has soared with the price of Bitcoin since then.
While BlockFi has tried to distance itself from FTX and Alameda during the bankruptcy proceedings, the situation of financial obligations between the companies is confusing.
On July 1, FTX.US — FTX’s US subsidiary — granted a $400 million line of credit to BlockFi after the lender became entangled in the contagion created by Terra’s algorithmic stablecoin’s failure on May 10, 2022.
The loan has a 5% interest rate and is due to expire on June 30, 2027.
The agreement also included an option for FTX.US to acquire BlockFi for “a variable price of up to $240 million based on performance triggers.”
On November 28, BlockFi also sued Sam Bankman-holding Fried’s company, Emergent Fidelity Technologies, for collateral that the firm had agreed to pay on November 9, which included shares in the online brokerage Robinhood.
On November 28, BlockFi filed for Chapter 11 bankruptcy, alleging the collapse of FTX mere weeks earlier as the reason of its financial difficulties.
Cointelegraph reached out to BlockFi and M3 Partners for comment, but did not receive an instant response.