BlockFi has around $600 Million in loan without having any collateral!
According to the report, the company has over $600 million in loans that are not secured by any collateral. As a result, if BlockFi's margin calls to recover the loan are unsuccessful, the company will proceed to liquidate the borrower's business and acquire legal ownership of the funds that are left over. When Three Arrows failed to meet the margin calls in the same situation that included BlockFi, BlockFi proceeded to liquidate the business.
Source: techstory.in