BlockFi says FTX and Alameda Research owe them over $1,000,000,000

In November, a case was opened to consider the bankruptcy of the American stock exchange FTX. As part of the first hearing in this case, a lawyer for the BlockFi exchange reported that FTX and Alameda Research, with which the American trading platform is associated, owe their companies more than $1,000,000,000. BlockFi acted as a lender to help them out of a difficult situation, but FTX and Alameda Research did not cover the debts.

Of this colossal amount of funds owed, $671,000,000 is an overdue Alameda Research loan, and another $355,000,000 is frozen assets on the FTX cryptocurrency exchange.

Notably, Joshua Sussberg, an attorney and partner at the Kirkland & Ellis law firm, linked these events to the fall of Terra (LUNA). According to him, the collapse of Terra was the starting point for the further fall of FTX. He ran a chain of similar events, mentioning other companies as well, including Celsius Network, Core Scientific, Three Arrows Capital, and Voyager. All of them, as well as FTX, go one - the companies are bogged down in debt and have lost their solvency, because of which they had to stop their work and declare bankruptcy.

Joshua also made a comparison between FTX and BlockFi's corporate structure. Sussberg believes that the creation of the American stock exchange could have a specific purpose, since this company has about 130 enterprises that were registered for some unknown reason. The BlockFi structures that conducted transactions with each other, in his opinion, were also created for a specific purpose and are part of the company's overall infrastructure.

According to BlockFi representatives, this organization has benefited from the help of more than 100,000 lenders. In addition, the company managed to raise about $257,000,000 through the successful liquidation of its cryptocurrency assets. BlockFi is suing Sam Bankman-Fried, who previously served as CEO of FTX. The purpose of the lawsuit was to seize $648,000,000 of Robinhood stock.

The total loss of all cryptocurrency funds affected by the bankruptcy of FTX may exceed $5,000,000,000, as reported by the analytical portal Crypto Fund Research. It is also noteworthy that the situation that has arisen in the cryptocurrency market has affected about 25-40% of investment structures from this industry that have invested their funds in the American exchange, as well as in its FTT token.

Bloomberg reported that all investors with a high degree of probability will not be able to get their funds back.

Earlier it became known that LedgerX is going to allocate $175,000,000 for payments to FTX creditors, as Bloomberg reported. Portal journalists, citing their own sources, said that LedgerX LLC was not included in the very 130 companies that were associated with FTX and filed for bankruptcy. Funds in LedgerX come from a fund created to finance regulatory approval procedures for cryptocurrency derivatives transactions without intermediaries. This fund has about $250,000,000.

Bloomberg was told that the money would have to go to the account of creditors today, and the chairman of the CTFC, commenting on this situation, said that the department had already been notified of the planned financial transaction.