SBF Borrowed $546M From Alameda To Buy Robinhood Shares
Key Points:
- 56 million Robinhood shares, which might be worth more than $440 million, are being in a race to claim including Crypto lender BlockFi, FTX Group, and Sam Bankman-Fried.
- Bankman-Fried and FTX co-founder Gary Wang borrowed over $546 million from Alameda via promissory notes to capitalize Emergent Fidelity Technologies Ltd. that in May bought a 7.6% stake in Robinhood.
According to court documents, former FTX CEO Sam Bankman-Fried (SBF) borrowed hundreds of millions of dollars from Alameda Research to purchase Robinhood shares (HOOD).
According to the details from the affidavit provided to a Caribbean court, Bankman-Fried stated that he and FTX co-founder Gary Wang borrowed $546 million from Alameda using promissory notes in April and May. They used that money to fund Emergent Fidelity Technologies Ltd., the shell business that purchased a 7.6% share in Robinhood in May.
The affidavit throws a fresh twist on a fight for the 56 million Robinhood shares. BlockFi, the lender that avoided bankruptcy earlier this year while FTX was in good financial standing, FTX Group, and Bankman-Fried himself have all tried to claim the shares, which might be worth more than $440 million.
It should be made known that since the bankruptcy began on November 11, FTX’s bankruptcy asset managers asked ED&F Man Capital Markets to freeze the 56 million brokerage shares owned by Emergent Fidelity Technologies.
As Coincu reported on November 29, Sam Bankman-Fried has been sued by BlockFi over his ownership of Robinhood. The statement was released right after BlockFi filed for chapter 11 bankruptcy protection, in which BlockFi’s complaint seeks Robinhood’s shares because SBF allegedly maintained them as collateral.
BlockFi has filed for bankruptcy, claiming in a court statement that it was entitled to the rights to the Robinhood shares as a result of an agreement signed by Bankman-Fried in early November. According to the filing on Tuesday, the shares were pledged as security against a loan taken out by Alameda Research, the same entity whose funds were used to acquire the shares in the first place.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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SBF Borrowed $546M From Alameda To Buy Robinhood Shares
Key Points:
- 56 million Robinhood shares, which might be worth more than $440 million, are being in a race to claim including Crypto lender BlockFi, FTX Group, and Sam Bankman-Fried.
- Bankman-Fried and FTX co-founder Gary Wang borrowed over $546 million from Alameda via promissory notes to capitalize Emergent Fidelity Technologies Ltd. that in May bought a 7.6% stake in Robinhood.
According to court documents, former FTX CEO Sam Bankman-Fried (SBF) borrowed hundreds of millions of dollars from Alameda Research to purchase Robinhood shares (HOOD).
According to the details from the affidavit provided to a Caribbean court, Bankman-Fried stated that he and FTX co-founder Gary Wang borrowed $546 million from Alameda using promissory notes in April and May. They used that money to fund Emergent Fidelity Technologies Ltd., the shell business that purchased a 7.6% share in Robinhood in May.
The affidavit throws a fresh twist on a fight for the 56 million Robinhood shares. BlockFi, the lender that avoided bankruptcy earlier this year while FTX was in good financial standing, FTX Group, and Bankman-Fried himself have all tried to claim the shares, which might be worth more than $440 million.
It should be made known that since the bankruptcy began on November 11, FTX’s bankruptcy asset managers asked ED&F Man Capital Markets to freeze the 56 million brokerage shares owned by Emergent Fidelity Technologies.
As Coincu reported on November 29, Sam Bankman-Fried has been sued by BlockFi over his ownership of Robinhood. The statement was released right after BlockFi filed for chapter 11 bankruptcy protection, in which BlockFi’s complaint seeks Robinhood’s shares because SBF allegedly maintained them as collateral.
BlockFi has filed for bankruptcy, claiming in a court statement that it was entitled to the rights to the Robinhood shares as a result of an agreement signed by Bankman-Fried in early November. According to the filing on Tuesday, the shares were pledged as security against a loan taken out by Alameda Research, the same entity whose funds were used to acquire the shares in the first place.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Thana
Coincu News
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