Funds borrowed from Alameda were used to purchase shares in Robinhood that were later used as collateral for the loan Alameda took out with the now-bankrupt lending firm BlockFi. Now everybody is fighting for the shares.
Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares.
On Apr. 30 loans of around $316.6 million and $35.1 million were given to Bankman-Fried and Wang respectively. Later, two loans of around $175 million and $19.4 million were given to Bankman-Fried on May. 15.
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Sam Bankman-Fried used $546M in Alameda funds to buy Robinhood stakeDisgraced FTX founder Sam Bankman-Fried borrowed $546 million from Alameda Research to purchase Robinhood shares this year, new court documents show. The indicted 30-year-old admitted he and co-fou…
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FTX's Sam Bankman-Fried Borrowed From Alameda to Buy Robinhood SharesSam Bankman-Fried said in an affidavit he bought Robinhood shares with funds borrowed from Alameda – the same shares later pledged as collateral against a loan taken out by Alameda. realDannyNelson reports
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