.SBF_FTX's $450 million RobinhoodApp pledge sounds like an act of charity to dispossessed customers. But in court he tells a different story. jackschickler reports.
Thursday included these charitable lines: “Nearly all of my assets were and still are utilizable to backstop FTX customers,” he wrote. “I have, for instance, offered to contribute nearly all of my personal shares in Robinhood to customers.”
It sounds like the British folk hero and outlaw of the same name, Robin Hood, who stole from the rich to give to the poor. As Bankman-Fried tells it on Substack, FTX users can have the stake in trading app Robinhood – worth about $450 million, though nowBut the swashbuckling hero’s tale is darker in court. In a Jan.
The shares were acquired via a series of loans he and colleague Gary Wang had received from FTX’s trading arm Alameda Research, Bankman-Fried’s filing said. That’s legitimate, Bankman-Fried argued; the Substack post said he “didn’t steal funds.” Alameda’s ex-CEO Caroline Ellison has, however,to charges including commodities fraud, which includes the allegation that she misappropriated FTX customer funds to satisfy Alameda’s souring loans.
Contacted by CoinDesk, a spokesperson for Bankman-Fried declined to comment on when and how he offered to cede the Robinhood securities .
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