New evidence shows that SBF borrowed over half a billion dollars from Alameda to purchase 56 million Robinhood shares.
to borrow the funds. They were used to support Emergent Fidelity Technologies, another FTX affiliate, to purchase the 56 millionThe loan was evidenced in four promissory notes, which revealed that SBF and Wang each borrowed approximately $317 million and $176 million from Alameda on April 30, 2022, and May 15, 2022, respectively.
“In order to capitalize Emergent Fidelity Technologies so it could make the investments into Robinhood, Gary and I agreed to borrow funds from Alameda Research LTD,” reads the court document. The court document also revealed that Bankman-Fried owned 90% of the shares, while Wang had only 10% of the assets due to the varied contributions.The shares were later used by SBF and Caroline Ellison, the former CEO of Alameda Research, as a pledge to obtain a loan from the crypto lending company BlockFi.
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