Sam Bankmanfried, founder of the bankrupt cryptocurrency exchange FTX, has borrowed more than half a billion dollars from investor Alameda Research. Along with former principal Gary Wang, he bought a stake in investment app Robin Hood, according to court documents related to FTX’s bankruptcy. The loan is amazing because it is now clear that Alameda, which also belongs to Bankman-Fried, had access to FTX clients’ money and used it for investments. But part of it was also loaned to another Bankman-Fried and Wang company. This means that the 8% interest in Robin Hood has become the subject of a bankruptcy lawsuit. FTX is trying to claim shares under the curator, but it has competition from bankrupt crypto company BlockFi as well. The head of Alameda Research had pledged shares to that company before FTX’s collapse. BlockFi is one of the creditors of FTX. Bankman Fried was delivered from the Bahamas to the United States last week. He is under investigation for fraud. After posting $250 million bail, he is under house arrest awaiting trial.
