A legal document or affidavit by Sam Bankman-Fried (SBF) brought another twist as the FTX’s former Founder borrowed around $546 Million from Alameda, to fund the purchase of Robinhood shares. The affidavit by SBF mentioned the purchase of Robinhood shares, which were later used as collateral for Alameda (his trading firm) to secure a loan from BlockFi.
BlockFi, a digital asset lender, was founded in 2017 and was once valued at $3 Billion. In July 2022, it announced that FTX made a deal with an option to buy BlockFi for up to $240 Million. That deal included a $400 Million credit facility for BlockFi. But after the shocking announcement of FTX’s bankruptcy filing in November 2022, BlockFi halted its withdrawal. And later on Nov. 28, 2022, the digital asset lender filed for Chapter 11 bankruptcy protection, according to filings.
Although, the shares that SBF bought later were used as collateral for a loan that was taken by Alameda from BlockFi, one of the entities that are laying cla
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