Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result

Home » Breaking: Sam Bankman-Fried bought Robinhood stock using $546 million from Alameda Research

Breaking: Sam Bankman-Fried bought Robinhood stock using $546 million from Alameda Research

Hania by Hania
December 28, 2022
in Crypto Exchanges, General News
Reading Time: 4 mins read
A A
0
Breaking: Sam Bankman-Fried bought Robinhood stock using $546 million from Alameda Research
Share on FacebookShare on Twitter
ADVERTISEMENT

Sam Bankman-Fried The founder of FTX has confirmed that $546 million worth of Robinhood shares were purchased using loans provided by Alameda Research between April and May 2022.

Sam Bankman-Fried (SBF), the former CEO of FTX, obtained loans from Alameda Research totalling hundreds of millions of dollars in order to fund his significant acquisition of Robinhood shares, according to the case’s filings.

A whopping 7.6% of the shares in the stock broker and cryptocurrency exchange were purchased with loans from Alameda, according to testimony from the disgraced crypto tycoon in court. SBF disclosed in a court affidavit shortly before being detained in December the funding source for his Robinhood stock scoop.

Breaking: Sam Bankman-Fried bought Robinhood stock using $546 million from Alameda Research

You May AlsoLike

Polymarket Bets

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025

Sam Bankman-Fried Purchases Robinhood

The court document further said that in April and May, Bankman-Fried and FTX co-founder Gary Wang jointly borrowed close to $600 million using promissory notes from FTX’s trading subsidiary, Alameda. The funds were subsequently used to support Emergent Fidelity Technologies Ltd, a front company used to promote the acquisition of a 7.6% share in Robinhood.

For the purpose of managing their Robinhood investment, the two established Emergent Fidelity Technologies in Antigua. According to the court documents, Bankman-Fried owned 90% of Emergent while Gary owned the other 10%.

Gary and I decided to borrow money from Alameda Research Ltd. to capitalize Emergent so that it could invest in Robinhood. This money was financed into Emergent, which was then utilized to buy Robinhood stock.

Who Possesses The Shares?

As was previously reported on CoinGape, the problematic crypto lender BlockFi, which also filed for bankruptcy this year, claimed ownership of Sam’s Robinhood. The bankrupt exchange lawyers asked a judge to order an asset freeze in order to safeguard the interests of creditors, debtors, and claimants.

The affidavit is said to support the CFTC and SEC’s allegations that Alameda gave loans to key people and particular employees of Bankman Fried’s-shuttered cryptocurrency company.

The CFTC’s lawsuit claims that Alameda Research stole money from FTX before the trading behemoth declared bankruptcy in May 2022. Bankman-Fried rejected claims of criminal negligence before being detained in the Bahamas and later extradited to the US.

Alameda CEO Caroline Ellison admitted transferring customer funds from SBF’s FTX crypto exchange to her trading company in a plea agreement.

Tags: Alameda ResearchBANKRUPTCYftxSBF
Share76Tweet47
ADVERTISEMENT
Previous Post

Crypto Scams! Alert! Robocallers Are Now Attacking Your Cryptocurrency

Next Post

Kraken Crypto Exchange To Cease Its Operations In Japan

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Polymarket Bets
General News

March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

March 1, 2025
Ethereum’s Pectra Upgrade
General News

3 Essential Insights from Recent Developer Call on Ethereum’s Pectra Upgrade

March 1, 2025
Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve
General News

Cramer Suggests Saylor Should Plan for a Strategic Bitcoin Reserve

February 28, 2025
MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana
Crypto Wallets

MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

February 28, 2025
Bitcoin Bull Run Could Continue, says CryptoQuant CEO - Unless This Critical Threshold Is Breached
General News

Bitcoin Bull Run Could Continue, says CryptoQuant CEO – Unless This Critical Threshold Is Breached

February 28, 2025
Solana Futures Launch at CME Boosts Price Amid High Demand
General News

Solana Futures Launch at CME Boosts Price Amid High Demand

February 28, 2025
Next Post
Kraken Settles With The SEC And Is Fined $362k For Violating U.S Sanctions on Iran

Kraken Crypto Exchange To Cease Its Operations In Japan

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    MetaMask Ethereum Wallet Expands Support for Both Bitcoin and Solana

    196 shares
    Share 78 Tweet 49
  • Why the Bitcoin Halving Is Happening Sooner Than Anticipated

    237 shares
    Share 95 Tweet 59
  • Solana Futures Launch at CME Boosts Price Amid High Demand

    191 shares
    Share 76 Tweet 48
  • Cardano (ADA) Staking Now enabled by Trust Wallet

    190 shares
    Share 76 Tweet 48
  • March 2025 Polymarket Bets Boom for Bitcoin, XRP, ETH, AI, and DOGE – The Future of Cryptocurrency Trading!

    196 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2024 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2024 CryptoMufasa - All Rights Reserved!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Don’t Miss Out on the Best in Crypto!

Stay ahead with a weekly digest of the top news and insights—no spam, no ads, just the essential updates delivered straight to your inbox. Subscribe now for valuable content you can trust!

johnsmith@example.com
subscribe to email

Never see this message again.