Revealed: How Much BlockFi Owes to Its Biggest Creditors
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Revealed: How Much BlockFi Owes to Its Biggest Creditors

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2 months ago

In other developments, the Financial Times is reporting that BlockFi is suing Sam Bankman-Fried in an attempt to seize shares in Robinhood.

Revealed: How Much BlockFi Owes to Its Biggest Creditors

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A bankruptcy filing reveals the scale of the challenge facing BlockFi.

The company estimates that it has more than 100,000 creditors on the books, and owes more than $1 billion to the three biggest.

A court document shows that one of those owed money is the U.S. Securities and Exchange Commission, with an eye-watering sum of $30 million outstanding.

This is linked to a $100 million settlement that was agreed back in February after it failed to register the offers and sales of its crypto lending product.

Overall, the largest unsecured creditor is Ankura Trust Company, which acted as a trustee for the interest-bearing accounts that BlockFi offered. It's owed a whopping $729 million.

In other developments, the Financial Times is reporting that BlockFi is suing Sam Bankman-Fried in an attempt to seize shares in Robinhood.

It is claimed that this stock was pledged as collateral in the days before FTX collapsed — creating a contagion effect that has rippled through the crypto sector.

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