• News
    • Bitcoin
    • Altcoins
  • NFT
  • Metaverse
  • Analysis
  • Regulation
  • Learn
  • Market Cap
What's Hot

Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

2023-03-29

Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

2023-03-28

Disney Metaverse Division Reportedly Scrapped

2023-03-28
Facebook Twitter Instagram
  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
Facebook TikTok Instagram YouTube
CryptoNewsMetaverse
  • News
    • Bitcoin
    • Altcoins
  • NFT

    U.S. IRS Considers Taxing NFTs Like Other Collectibles

    2023-03-21

    Meta Shuts Down NFT Project to Focus on FinTech and Content

    2023-03-14

    Solana’s Solend V2 Release, Is SOL Price $50 Next?

    2023-03-06

    Amazon NFT Marketplace To Reportedly Launch Next Month

    2023-03-06

    Blur Coin Under Fire As Allegations Of Wash Trading Emerge

    2023-03-01
  • Metaverse

    Disney Metaverse Division Reportedly Scrapped

    2023-03-28

    Animoca Denies $200M Metaverse Fund Cut

    2023-03-27

    Metaverse Trading Hits All-Time High

    2023-03-24

    Exploring the Metaverse: A Guide to Investing in Metaverse Stocks

    2023-03-20

    A Guide to Virtual Land Staking in the Metaverse

    2023-03-20
  • Analysis

    DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

    2023-01-08

    Mark Cuban Makes Prediction on Next Crypto ‘Scandal,’ Warns of Potential Implosion if Exposed: Report

    2023-01-08

    Binance Listings Cause Crypto Assets To Spike an Average of 41%: New Research

    2023-01-08

    Bitcoin Whales Unloaded BTC As Market Reversed and Parked Their Profits in This Crypto Asset Class: Santiment

    2023-01-07

    Crypto Analyst Predicts Breakout for AI-Focused Altcoin, Updates Outlook on Ethereum and Lido DAO

    2023-01-07
  • Regulation

    Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

    2023-03-29

    Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

    2023-03-28

    CFTC ‘Pretty Confident’ in Case Against Binance, Says Chairman Rostin Behnam

    2023-03-28

    OKX becomes latest exchange to apply for Hong Kong VASP license

    2023-03-28

    Balaji Srinivasan Says Millions of Worried Depositors Could Wire Money to Bitcoin As Banks Get Too Big To Escape

    2023-03-28
  • Learn

    Chart Patterns Cheat Sheet For Technical Analysis

    2023-03-21

    Best NFT Wallets in 2023

    2023-03-21

    What are Dapps (Decentralized Applications) Crypto?

    2023-03-17

    How to Short Sell Bitcoin

    2023-03-17

    Why Decentralized Exchanges Are On Rise? Can INNODEX Surpass Binance and Uniswap?

    2023-03-15
  • Market Cap
CryptoNewsMetaverse
Home»Analysis»Sam Bankman-Fried Borrowed Hundreds of Millions of Dollars From Alameda To Buy Robinhood Shares: Court Documents
Analysis

Sam Bankman-Fried Borrowed Hundreds of Millions of Dollars From Alameda To Buy Robinhood Shares: Court Documents

2022-12-27No Comments3 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Court documents in the Caribbean are revealing new ways that former FTX CEO Sam Bankman-Fried misallocated customer funds before the exchange’s collapse.

In the official Caribbean Supreme Court affidavit from Sam Bankman-Fried, SBF puts it on record that funds were borrowed from Alameda Research to purchase shares in Robinhood.

First, Bankman-Fried confirms that the shell corporation Emergent Fidelity Technologies Ltd acquired over 56 million shares in Robinhood.

“Emergent did acquire 56,273,469 shares in Robinhood Markets Inc as stated by the Claimant in paragraph 7 of his affirmation…

I believe that the total purchase price was less than the sum of $648,293,886.33 referred to by the Claimant…

I suspect that the total acquisition cost was $546,381,737.10.”

Sam Bankman-Fried then explains that he and FTX co-founder Gary Wang agreed to incorporate Emergent in the Caribbean “to hold the investments that we wished to make into the shares of Robinhood.” SBF says he was made the sole director with 900 shares in Emergent going to him and 100 shares going to Gary – a shareholding ratio that remains to this day.

SBF confirms that Emergent’s purchase of Robinhood shares was funded by capital from Alameda Research.

“In order to capitalize Emergent so that it could make the investments into Robinhood, Gary and I agreed to borrow funds from Alameda Research Ltd. 

Those funds were capitalized into Emergent and it used those funds to acquire the shares in Robinhood.”

The Caribbean court documents are the latest twist in the FTX collapse and SBF’s subsequent fall from grace. Bankman-Fried is currently confined to a Northern California home after posting a $250 million bond, the largest pretrial bond ever posted, while awaiting trial for fraud charges in the US.

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Alberto Andrei Rosu



Source link

Alameda BankmanFried borrowed Buy Court Documents dollars Hundreds millions Robinhood Sam Shares
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Balaji Srinivasan Says Millions of Worried Depositors Could Wire Money to Bitcoin As Banks Get Too Big To Escape

2023-03-28

Pro-XRP Lawyer Predicts Critical Documents Relating to Former SEC Director Will Be Available to the Public

2023-03-21

U.S. Department of Justice Appeals Court Decision Approving $1,300,000,000 Voyager Acquisition

2023-03-11

US appeals court to hear Grayscale’s arguments against SEC ruling starting today

2023-03-08
Add A Comment

Leave A Reply Cancel Reply

Top Posts

Will Bitcoin weekly average Break This Historic Record This Week?

2022-06-16

Binance Coin, Fantom, Waves Price Analysis: 16 March

2022-03-16

Will Monero [XMR] be able to rally amid recovering broader crypto sentiments

2022-05-31

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, NFT, Metaverse and more.

We're social. Connect with us:

Facebook Instagram YouTube TikTok
Top Insights

Nvidia Top Executive Says Crypto Adds Nothing of Value to Society but AI Does: Report

2023-03-29

Senators grill federal officials over lack of oversight into SVB, Signature Bank collapse

2023-03-28

Disney Metaverse Division Reportedly Scrapped

2023-03-28
Get Informed

Subscribe to Updates

Get the latest news and Update from Cryptonewsmetaverse.com about Crypto, Metaverse and NFT.

  • Contact
  • Terms & Conditions
  • Privacy Policy
  • DMCA
© 2023 Cryptonewsmetaverse.com. Designed by ProdigitalX.

Type above and press Enter to search. Press Esc to cancel.

  • bitcoinBitcoin(BTC)$27,440.001.59%
  • ethereumEthereum(ETH)$1,787.054.11%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.00-0.05%
  • binancecoinBNB(BNB)$313.911.93%
  • usd-coinUSD Coin(USDC)$1.000.06%
  • rippleXRP(XRP)$0.5412.76%
  • cardanoCardano(ADA)$0.3793519.06%
  • Lido Staked EtherLido Staked Ether(STETH)$1,781.574.17%
  • dogecoinDogecoin(DOGE)$0.0745152.66%