BlockFi secret financials show a $1.2 billion relationship with Sam Bankman-Fried's crypto empire

Key Points

• Financial documents that were mistakenly uploaded from bankrupt crypto firm BlockFi show a $1.2 billion relationship with FTX and Alameda Research.
• The presentation, assembled by M3 Partners, offers a previously unseen overview of BlockFi's balance sheet.
• BlockFi filed for bankruptcy in late November after the collapse of Sam Bankman-Fried's crypto empire.

BlockFi logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on November 14, 2022.

Jakub Porzycki | Nurphoto | Getty Images

Bankrupt crypto lender BlockFi had over $1.2 billion in assets tied up with Sam Bankman-Fried's FTX and Alameda Research, according to financials that had previously been redacted but were mistakenly uploaded on Tuesday without the redactions.

BlockFi's exposure to FTX was greater than prior disclosures suggested. The company filed for Chapter 11 bankruptcy protection in late November, following the collapse of FTX, which had agreed to rescue the struggling lender before its own meltdown.