Monetary statements have revealed transactions that favored high brass at FTX, a outstanding cryptocurrency alternate, simply earlier than its sudden downfall in late 2022.
What Occurred: Paperwork offered to the US Chapter Courtroom for the District of Delaware spotlight a number of transactions that immediately enriched senior figures at FTX and Alameda Analysis within the 12 months main as much as the alternate’s demise, a courtroom submitting confirmed.
One transaction that stands out occurred in March 2022, when a sum of $2.51 million was channeled from FTX to the American Yacht Group. This transaction was in favor of Sam Trabucco, the former co-CEO of Alameda Analysis. By August of the identical 12 months, Trabucco publicly acknowledged his boat possession and concurrently introduced his exit from the agency.
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Additional disclosures unveil money funds made to a number of FTX executives, together with Bankman-Fried and co-founder Gary Wang, within the months previous the alternate’s collapse.
In one other important growth, Bankman-Fried and Wang reportedly acquired shares of Robinhood HOOD within the spring of 2022, with investments surpassing $54 million. By the onset of 2023, these shares have been seized by the U.S. Division of Justice.
Robinhood ultimately repurchased all its shares that have been beforehand beneath the possession of FTX and Alameda Analysis.
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This content material was partially produced with the assistance of AI instruments and was reviewed and revealed by Benzinga editors.
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