Sam Bankman-Fried reportedly obtained a mortgage from his quantitative buying and selling agency Alameda Analysis, to facilitate the acquisition of his stake in American inventory brokerage agency Robinhood Markets. This improvement involving the previous FTX CEO comes per week after he was launched on a $250 million bail bond.
$546 million mortgage from Alameda Analysis
In accordance with an affidavit filed within the excessive court docket of Antigua and Barbuda on 12 December, Bankman-Fried revealed that he and Gary Wang, co-founder of FTX, had taken out greater than $546 million from sister agency Alameda Analysis via 4 promissory notes.
The mortgage was taken earlier this 12 months in April, Might and was used to arrange Emergent Constancy Applied sciences Ltd, SBF’s shell firm included in Antigua. In accordance with the court docket paperwork, on 30 April, Sam Bankman-Fried obtained $316.6 million, whereas Gary Wang obtained $35.1 million. This was adopted by two extra loans prolonged on 15 Might, price $175 million and $19.4 million, despatched to SBF.
Emergent Constancy Applied sciences Ltd proceeded to buy 56 million of Robinhood Markets in Might 2022. This transaction gave the disgraced FTX chief a 7.6% stake within the brokerage agency.
Battle for Robinhood stake heats up
Information of the mortgage to SBF and his affiliate has heated up an ongoing authorized battle for possession of the involved Robinhood shares. Possession of this $546 million stake is being claimed by Sam Bankman-Fried, BlockFi, and Yonathan Ben Shimon, an FTX creditor appointed as a receiver in Antigua.
Bankrupt crypto lender BlockFi was bailed out by FTX earlier this 12 months with a $400 million credit score line. The agency had alleged in court docket that the shares in query have been used as collateral by Alameda Analysis to take out a mortgage from BlockFi. This argument has been utilized by the bankrupt crypto lender to assert possession of the Robinhood shares.
U.S DoJ launches felony probe into FTX hack
FTX’s authorized troubles appear to be mounting up because the bankrupt crypto alternate is now going through a felony probe into its alleged hack final month. A report by Bloomberg cited an individual conversant in the matter, who revealed that the Division of Justice is investigating the hack that occurred on 12 November. This probe is reportedly separate from the fraud fees that SBF is going through.
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