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

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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.

This article was originally published by Marketwatch.com. Read the original article here.

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