Mon Nov 14 20:08:32 2022
(*4cfb807c*):: From another chat: I don’t think BlockFi is going to pull through this. The last email they sent makes it seem like FTX owed BlockFi more than BlockFi wants to admit.
(*54b3f3ac*):: they had a 250m line of credit at min. i think its mroe but its hard to get numbers from blockfi, wehich is settling
(*54b3f3ac*):: ”As of June 30, 2022, the fair value of digital assets (including stablecoins) in Wallet accounts was approximately $0.5 billion.”
(*54b3f3ac*):: reports of debit cards not working either now. they only held 10% reserves according to their terms.
Of the total of approximately $3.9 billion, approximately:
- 46% was lent by us to institutional and retail borrowers;
- 35% was readily accessible and held with third-party custodians and multi-party-computation wallets and accounts (which may include assets deployed for hedging activities);
- 10% was posted as collateral in connection with our individually negotiated borrowings;
- 5% was held with banks and brokers in the form of cash or securities; and
- 4% was deployed as investments or for non-custodial staking, as well as mining equipment and other assets.
(*54b3f3ac*):: numbers arnt great by any means. and that was in june when the market was a bit higher. so discount another 20 to 30%.