BlockFi Has $355 Million in Digital Assets ‘Frozen’ on FTX

Crypto lender BlockFi has $355 million in digital assets stuck on FTX, a lawyer said in bankruptcy court.

In addition, BlockFi attorney Joshua Sussberg also shared new details about how closely intertwined BlockFi’s finances were with FTX and the company's sister trading firm, Alameda Research.

“In addition to the loan arrangement, and the $275 million that was drawn, BlockFi acted as a lender to Alameda” Sussberg said in court. "Specifically, BlockFi had $671 million in outstanding loans that are defaulted to Alameda and $355 million in digital assets that are now frozen on the FTX platform."

It is reported that FTX had given BlockFi a $275 million loan earlier this year, and was listed as BlockFi's second-largest creditor in bankruptcy filings.