BlockFi reportedly will try to collect $680 million from Alameda Research.
The bankrupt cryptocurrency lender told a federal judge that Alameda, the bankrupt trading operation that is a sister company of FTX, defaulted on collateralized loans, Bloomberg reported Tuesday (Nov. 29).
During its first appearance in bankruptcy court, BlockFi said it will collect money it is owed by other crypto firms while it tries to reorganize or find a buyer to repay the more than $1 billion that it owes creditors. Alameda is one of those firms, according to the report.
At the same time, BlockFi owes FTX $275 million that was included in a lending package meant to help BlockFi weather a drop in crypto prices, the report said.