The balance shown in the unredacted BlockFi filing includes $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda

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

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

As of Jan. 14, the balance shown in the unredacted BlockFi filing includes $415.9 million worth of assets linked to FTX and $831.3 million in loans to Alameda. Both of Bankman-Fried’s firms were wrapped into FTX’s November bankruptcy, which sent the crypto markets reeling.

Lawyers for BlockFi had said earlier that the loan to Alameda was valued at $671 million, while there were an additional $355 million in digital assets frozen on the FTX platform. Since then, bitcoin and ether have rallied, lifting the value of those holdings.

M3 Partners, an advisor to the creditor committee, assembled the financial presentation. The firm is represented by law firm Brown Rudnick and consists of BlockFi clients who are owed money by the bankrupt lender.

Other information regarding BlockFi includes its customer numbers and details on the size of their accounts and trading volume.

BlockFi had 662,427 users, of which nearly 73% had account balances under $1,000. During May to November of 2022, those clients had a cumulative trading volume of $67.7 million, while total volume was $1.17 billion. Over that period, BlockFi made just over $14 million in trading revenue, according to the presentation, averaging $21 in revenue per customer.

The company had $302.1 million in cash, alongside wallet assets valued at $366.7 million. Overall, the crypto lender has unadjusted assets worth nearly $2.7 billion, with approximately half of it tied to FTX and Alameda, according to the presentation.

BlockFi’s failure was expedited by exposure to Three Arrows Capital (3AC), a crypto hedge fund that filed for bankruptcy protection in July. FTX had arranged a rescue plan for BlockFi, through a $400 million revolving credit facility, but that deal fell apart when FTX had its own liquidity crisis and sank into bankruptcy.

According to the latest released BlockFi financials, the value of both the Alameda loan receivable and the assets connected to FTX have been adjusted to $0. After all adjustments, BlockFi has just shy of $1.3 billion in assets, only $668.8 million of which is described as ‘Liquid / To Be Distributed.’