Bankrupt crypto lender BlockFi has more than $1 billion tied up in the bankruptcies of Sam Bankman-Fried's FTX exchange and Alameda Research trading firm, a lawyer said.
"Specifically, BlockFi had $671 million in outstanding loans that are defaulted to Alameda and $355 million in digital assets that, unfortunately, are now frozen on the FTX platform."bankruptcy filingThat said, a BlockFi attorney revealed that it plans to lay off about two thirds of its 292 remaining employees, Decrypt noted.
While details of most of BlockFi's 50 largest creditors have been withheld, the largest is Ankura Trust Company, acting on behalf of an unspecified creditor or groups of creditors who are owed $729 million. The Wall Street JournalThe only other one listed is No. 4 — the Securities and Exchange Commission .
While Bankman-Fried spoke of being willing to lose large amounts of money bailing out crypto firms hit by the collapse of 3AC and Terra/LUNA for the good of the industry at large it was later revealed that he was not being quite so altruistic.
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