Funds borrowed from Alameda were used to purchase shares in Robinhood that were later used as collateral for the loan Alameda took out with the now-bankrupt lending firm BlockFi. Now everybody is fighting for the shares.
Sam Bankman-Fried, the disgraced founder of cryptocurrency exchange FTX, borrowed over $546 million from the exchange’s sister firm Alameda Research to fund his purchase of Robinhood shares.
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.
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