Posted on 12/27/2022 1:04:35 PM PST by Red Badger
FTX’s SBF Borrowed $546M From Alameda to Purchase HOOD, Reveals Court Documents Source: The New York Times
FTX and Sam Bankman-Fried have stolen the spotlight over the past few weeks for all the wrong reasons. Every day, new revelations about the exchange and SBF have been surfacing. Many can’t even get their heads wrapped around the fact that SBF has manipulated customer funds to such a great extent.
Speaking of manipulation, some interesting details have come to light from the court documents. As per the documents, SBF has borrowed $546 million from Alameda Research to purchase Robinhood shares (HOOD).
SBF acquired Robinhood shares with borrowed funds SBF’s Robinhood shares have been an interesting focus for many. Recently, BlockFi sued SBF to get its hands on the million-dollar Robinhood stake. However, to stop BlockFi’s efforts, FTX asked a bankruptcy judge to halt BlockFi from taking over Robinhood shares.
Three parties are vying for control of those shares as of the time of publication. One is BlockFi, the lender that avoided bankruptcy earlier this year while FTX was in good financial standing. Two: Yonathan Ben Shimon, an Antigua-based receiver appointed by an FTX creditor. Sam Bankman-Fried is the third person.
JUST IN: Sam Bankman-Fried used $546 million from Alameda Research to purchase Robinhood shares, court documents reveal.
— Watcher.Guru (@WatcherGuru) December 27, 2022
According to the details from the affidavit provided to a Caribbean court, SBF and Gary Wang borrowed $546 million via promissory notes from Alameda Research in April and May. The borrowed funds were used to acquire the 7.6% stake in Robinhood that Fried acquired in May.
This could end up being a fascinating trial. If this were any of US, we’d be “UNDER the jail” (as my dad used to say).
Get yer predictions in now! Mine is “Forfeit all gains/property from his time with FTX, a prison sentence which will be commuted based on either COVID or overcrowding, or both. And some community service.”
There are so many layers to the corruption that you need a chart with pins and strings to understand them all.
Well that turned out to be a very bad investment. It’s at or near its all time low. Was as high as mid $40’s in August of 2021 when they went public. Now it’s in the mid $7’s, near its all time low. Not sure what price he paid but he can’t be in the black on it.
What a cluster.
Bailed out by the US Government because he is a major Democratic contributor?
HAHAHA. All this crypto stuff is being exposed for the fraud that it is. When anyone can just create a new “currency” out of nothing more than lines of computer code, that is worth nothing, and trade it for other equally worthless “currency” then leveraged to get actual cash, HOW do people fall for this? I am all for a free and open currency not controlled by governments or banks but it seems like all of this crypto stuff is a scam. Sure, like everyone else, I wish I knew about bitcoin when you could get a thousand “coins” for a pizza. But the moment I say big investment houses getting in on it I knew to stay away. Even more so seeing this Bankman Fried guy all cozy with the New World Order tyrants the democrats and the Clintons revealed what a scam it was.
This guy accomplished in a couple years what took Madoff decades.
Go big or go home LOL.
If you do not do so already, watch Patrick Boyle on Youtube. He does a weekly (or so) financial show. His reporting on FTX is epic. His dry comments about SBF will have you howling with laughter.
(Get yer predictions in now!)
SBF was a useful tool.
Now that the fraud has gone public, he knows too much....
Therefore....
(Even more so seeing this Bankman Fried guy all cozy with the New World Order tyrants the democrats and the Clintons revealed what a scam it was)
A Ponzi Scheme that would make The Clinton Foundation jealous.
“HOW do people fall for this?”
It’s always easy to convince people of things that they wish were really true, and “you can get money for nothing” is one of those things that lots of people really wish were true.
I wouldn’t laugh too hard. I’m betting the call for regulation will be demanded, and the result will be a central, globalized digital currency.
Everything tracked...always.
We still have cash, but I’m sure they’d love to crush any freedom they can.
Thanks.
What I learned from living in communist/socialist countries in the 90s, if you have political protection, any kind of financial / corruption scheme is possible. Just don’t get on the wrong side of politics, or embarrass the state or its top leaders. Then you’ll catch a bullet in the head.
Its a model you can now apply and adapt to the USA also.
Charging money for the possession of a good one knowingly does not have is clearly fraud to any layman, but because of the Democrats and the Federal Reserve Act banks legally do it every day.
“There are so many layers to the corruption that you need a chart with pins and strings to understand them all.”
Or at the very least a Venn diagram.
CC
Great comments you offer.
I am going to my garage this evening.
With my table saw I will turn some wood into SawDustCoin.
Is the name catchy enough?
https://www.youtube.com/watch?v=ltijrdrmHyw 12/23/2022
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