Bankman-Fried borrowed $546 million from Alameda for Robinhood stake: report


FTX founder Sam Bankman-Fried, alongside executive Gary Wang, earlier this year borrowed more than $546 million from Alameda Research, the trading firm he controlled, to buy a near 8% stake in Robinhood Markets Inc. HOOD, -3.14%, according to court papers. The transactions were documented in a series of promissory notes, detailed in an affidavit that surfaced in a dispute in U.S. bankruptcy court in New Jersey on Tuesday, according to a Bloomberg report on Tuesday.The Robinhood stake of about 56 million shares is being fought over in Antigua, New Jersey and Delaware courts by a number of FTX creditors after the crypto group imploded in November. Bankman-Fried’s alleged funneling of FTX funds unto Alameda is at the heart of the U.S. government’s criminal case against the former crypto whizzkid.

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