{"id":531907,"date":"2022-12-28T06:29:02","date_gmt":"2022-12-28T03:29:02","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase\/"},"modified":"2022-12-28T06:29:02","modified_gmt":"2022-12-28T03:29:02","slug":"sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase\/","title":{"rendered":"# SBF borrowed $546M from Alameda to fund Robinhood share purchase"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a20ecbc23d17\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a20ecbc23d17\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase\/#%E2%80%9D_SBF_borrowed_546M_from_Alameda_to_fund_Robinhood_share_purchase_%E2%80%9C\" >&#8221; SBF borrowed $546M from Alameda to fund Robinhood share purchase &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_SBF_borrowed_546M_from_Alameda_to_fund_Robinhood_share_purchase_%E2%80%9C\"><\/span>&#8221; SBF borrowed $546M from Alameda to fund Robinhood share purchase &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTIvZmU0M2VjZmEtNjRlOC00Y2Y0LWI4NzQtY2Y2MTczZDg2NTc3LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-71d2d00b>Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange\u2019s sister firm Alameda Research to fund his purchase of Robinhood shares.<\/p>\n<p>Those same shares were later used by Bankman-Fried as collateral for a loan taken by Alameda from BlockFi, one of the entities that are laying claim to the shares.<\/p>\n<p>An <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.njb.1094107\/gov.uscourts.njb.1094107.19.7.pdf\">affidavit<\/a> by Bankman-Fried filed in the Antigua and Barbuda High Court on Dec. 12 \u2014 the day of his arrest \u2014 and made public on Dec. 27, revealed he and FTX co-founder Zixiao \u201cGary\u201d Wang took out the loans from Alameda through four promissory notes between April and May 2022.<\/p>\n<p>On Apr. 30 loans of around $316.6 million and $35.1 million were given to Bankman-Fried and Wang respectively. Later, two loans of around $175 million and $19.4 million were given to Bankman-Fried on May. 15.<\/p>\n<p>The loans were used to fund Bankman-Fried\u2019s Antiguan-based shell company Emergent Fidelity Technologies Ltd. which acquired a 7.6% stake in brokerage firm Robinhood in May at a price of $648 million at the time.<\/p>\n<p>He added that if the sum paid by Emergent for the shares was more than the stated $546 million he has \u201cnot [sic] doubt that such additional sum was borrowed by Gary and I\u201d to fund the acquisition of the Robinhood shares.<\/p>\n<p>The revelation of the loans could complicate the ongoing legal tug of war for the over 56 million shares in Robinhood that are now worth around $430 million.<\/p>\n<p>Embattled crypto lender BlockFi is suing Bankman-Fried\u2019s Emergent for the Robinhood shares that were allegedly pledged as collateral for BlockFi\u2019s loans to Alameda on Nov. 9.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Crypto OTC trading to get traction due to FTX fiasco, exec says<\/em><\/strong><\/p>\n<p>FTX stepped in on Dec. 23, asking for assistance from a U.S. bankruptcy judge to prevent BlockFi from claiming the shares. It said the shares are owned by Alameda and insisted FTX companies should keep the Robinhood stake while investigations continue into other claims of their ownership.<\/p>\n<p>Additionally, Bankman-Fried and FTX creditor Yonathan Ben Shimon are laying claim to the shares.<\/p>\n<p>Previously, FTX\u2019s Chapter 11 bankruptcy filings in the United States revealed Bankman-Fried was on the receiving end of a $1 billion personal loan from Alameda.<\/p>\n<p>Former Alameda CEO Caroline Ellison said on Dec. 23 as part of her plea deal that \u201cAlameda was borrowing funds that FTX\u2019s customers had deposited onto the exchange.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/sbf-borrowed-546m-from-alameda-to-fund-robinhood-share-purchase\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; SBF borrowed $546M from Alameda to fund Robinhood share purchase &#8220; Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange\u2019s sister firm Alameda Research to fund his purchase of Robinhood shares. Those same shares were later used by Bankman-Fried as collateral for a loan taken by Alameda&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/fe43ecfa-64e8-4cf4-b874-cf6173d86577.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[135234,86706,89897,75117,4978,117,71433],"class_list":["post-531907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-ftx","tag-robinhood","tag-sam-bankman-fried","tag-shares","tag-bankruptcy","tag-business","tag-court"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531907"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531908"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}