$93,935.00
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1.62%$599.81
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2.84%$14.48
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2.29%$2.50
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0.00%$32.01
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2.28%$10.49
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2.16%$0.18486
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34.01%$6.56
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-13.65%Reading
Ex-FTX CEO Sam Bankman-Fried and ex-FTX CTO Gary Wang took out loans from Alameda Research to buy stock in the publicly traded exchange Robinhood, according to documents released on Tuesday by the Eastern Caribbean Supreme Court.
Ownership of the Robinhood shares is being contested in federal court by crypto lending platform BlockFi, who say Bankman-Fried’s shares were promised to them.
In the affidavit, Bankman-Fried says he and Wang formed a new company, Emergent, to acquire shares in Robinhood Markets Inc, better known as Robinhood, totaling $546.4 million.
"I borrowed the sum of $491,743,563.39, and Gary borrowed the sum of $54,638,173.71 from Alameda [Research]," Bankman-Fried said in the filing. "All of the sums evidenced by the promissory notes were capitalized into Emergent as working capital so that it could purchase the shares in Robinhood."
In less than a week, one of the largest and most trusted crypto exchanges went up in flames, along with its crypto celebrity founder and CEO Sam Bankman-Fried. Dan Roberts, Stacy Elliott, and Kate Irwin from the gm podcast walk you through exactly how it happened, what it means for you, their own takes on the most interesting subplots, and what we can learn from it all. Plus: We review some comments SBF and CZ made on this podcast that look remarkable in hindsight. Watch and make sure to subscribe to the gm podcast on Apple or Spotify.
Bankman-Fried says the pair took out four loans from Alameda Research: $316,667,182.50 and $35,185,242.50 on April 30, 2022, and $175,076,380.89 and $19,452,931.21 on May 15, 2022.
In the affidavit, Bankman-Fried says the loans were not all taken at the same time but were paid out in tranches over days before and after the dates listed on the filing. This would affect calculations of the total value of shares acquired, he explained.
Bankman-Fried is facing eight charges of wire and bank fraud, conspiracy, and money laundering stemming from the collapse of FTX and Alameda Research. Regulators accuse Bankman-Fried of funneling customer funds from FTX to Alameda Research to cover trades.
Complicating matters in the case is a claim from crypto lender BlockFi that Bankman-Fried pledged his shares in Robinhood to them. In November 2022, the Financial Times reported that the newly bankrupted BlockFi sued Bankman-Fried to obtain shares of Robinhood he allegedly pledged to the company as collateral earlier that month.
Bankman-Fried first bought his 7.6% stake in Robinhood in May 2022, according to a filing with the U.S. Securities and Exchange Commission. BlockFi alleges Bankman-Fried promised his stake in Robinhood as collateral to help BlockFi through its liquidity issues.
In its lawsuit, according to the Financial Times, BlockFi says that Bankman-Fried's Emergent defaulted on its obligations under the pledge agreement and failed to satisfy its obligations.
FTX filed for bankruptcy on November 11, 2022, after rival cryptocurrency exchange Binance announced that it would liquidate its position in FTT, FTX's native token.
Strive Asset Management is still pushing GameStop to buy as much Bitcoin as it can, and as quickly as possible. But there is ongoing debate within the company about how much Bitcoin GameStop is willing to buy, Strive CEO Matt Cole told Decrypt on Thursday. “You should expect that they're going to buy some Bitcoin,” Cole said. “But I don’t think it’s decided how much they will go in that direction.” The video game retailer announced a month ago that it could start purchasing Bitcoin as a treasury...
Multiple victims have been attacked by what appears to be a North Korean campaign that targets cryptocurrency developers using fake U.S. companies. According to a Reuters report, two fake companies, Blocknovas LLC and Softglide LLC, were created by North Korean cyber spies to infect developers in the crypto industry with malicious software. 🚨 NEW THREAT REPORT: Contagious Interview (DPRK) Launches a New Campaign Creating Three Front Companies to Deliver a Trio of Malware: BeaverTail, Invisible...
Investment firm RockawayX has successfully secured $125 million for a new early-stage venture capital fund, intended to support crypto-focused communities, particularly those centered around Solana. The investment firm plans to direct its newly raised funds toward discovering and financing projects that enhance the growth of the Solana ecosystem, recognized as the second-largest Layer 1 by total value locked, according to a statement by RockawayX. “Rather than investing in more L1s, we focused...
