Sam Bankman-Fried Spent $300M to buy Binance's stake.

Sam Bankman-Fried Spent $300M to buy Binance's stake.

The post Former FTX CEO, Sam Bankman-Fried, Cashed Out $300 Million to Buy Competitor Binance's Stake! appeared first on The Blockchain Insider. appeared first on the Fintech News section of Coinpedia.


Participants in the cryptocurrency space have been exposed to brand new episodes of the FTX series on a daily basis ever since the series was first introduced there. Recently, the rumor has it that the exchange was "hacked," and as a result, more than 600 million dollars in funds disappeared. In the meantime, many people came to the conclusion that an insider was responsible for the crime because the stolen funds were quickly converted into Ethereum and stablecoins.

According to the most recent piece of information, SBF has reportedly received a portion of the $420 million in funds that have been transferred into his personal account. In October of the previous year, FTX was successful in raising $420 million in funding in order to enhance the user experience and better comply with regulators. It's interesting to note that SBF received close to 75% of the total amount donated.

During the funding round that took place in October 2021, FTX exchange was valued at $25 billion, and money was raised from investors such as BlackRock, Tiger Global, and Temasek, the sovereign wealth fund of Singapore, as well as Sequoia Capital. A short while later, after a couple of months had passed, certain of these investors contributed to the successful fundraising of $400 million for FTX's subsidiary at an $8 billion valuation.

At the time that the funds were being raised, the cryptocurrency markets were exploding, and the Alameda was producing exceptionally high profits. It is not entirely clear what SBF did with the $300 million; it is not known whether it was invested back into FTX or whether it was kept in a separate account. According to the audited financial statements of FTX for the year 2021, the company had set aside the money for the related party in order to facilitate "operational expediency."

Ojike Stella

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