FTX's SBF Borrowed over $546 Million From Alameda to Buy Robinhood Shares

According to court documents, former FTX chief Sam Bankman-Fried and FTX co-founder Gary Wang together borrowed over $546 million from Alameda via promissory notes in April and May. They used that money to capitalize Emergent Fidelity Technologies Ltd., the shell corporation that in May bought a 7.6% stake of Robinhood.

Crypto lender BlockFi, FTX Group and Bankman-Fried himself have all attempted to lay claim to the shares, which could be worth over $440 million.

Crypto lender BlockFi, which has filed for bankruptcy, alleged in a court document that it was owed the rights to the Robinhood shares due to a deal SBF made in early November. The shares were pledged as collateral against a loan taken out by Alameda Research – the same firm whose funds were used to purchase the shares to begin with.