FTX Debtors Reveal Transactions Benefiting Executives Before Collapse, Robinhood Share Purchases Exposed
Summary:
FTX debtors disclose transactions benefiting executives prior to collapse, including a $2.51 million payment to former Alameda Research co-CEO. FTX founder and partner purchase Robinhood shares worth over $54 million. Limited to fiat currency.
Debtors of FTX, the major cryptocurrency exchange that collapsed, have revealed a series of financial statements detailing transactions that benefited company executives. According to a court filing with the US Bankruptcy Court for the District of Delaware, payments and property transfers that directly benefited senior executives at FTX and Alameda Research were disclosed. These transactions took place within one year before the collapse of FTX.
One notable transaction was a payment of $2.51 million directed to the American Yacht Group in March 2022, benefiting former Alameda Research co-CEO Sam Trabucco. Shortly after this transaction, Trabucco confirmed his ownership of a boat and announced his resignation in a tweet in August 2022.
In April 2022, FTX founder Bankman-Fried and his business partner Wang purchased Robinhood shares for a total of $35,185,242. They then acquired more shares in May 2022, spending $19.45 million. The disclosed information revealed that Bankman-Fried owned 90% of the shares, while Wang held the remaining 10%.
On August 31, Robinhood completed the purchase of 55,273,469 shares for approximately $606 million. Following the announcement of the purchase, Robinhood's CFO Jason Warnick expressed satisfaction with the result, stating, "We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders."
However, it is important to note that the disclosed information only includes transactions involving fiat currency. The court filing stated, "Responses to this question do not currently include all transfers of cryptocurrency, other digital assets, or other assets.
Published At
9/3/2023 2:23:21 AM
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