Sam Bankman-Fried, the former CEO of FTX, allegedly took $300 million of the $420 million in funds raised for FTX for himself.
Allegations about the SBF are increasing every day.
Sam Bankman-Fried Put the Funds in His Own Pocket
According to FTX financial records obtained by the Wall Street Journal, the former CEO of the bankrupt FTX put the bulk of the funds raised in his own pocket in a financing round in October 2021, in which numerous investors participated.
“Mr. Bankman-Fried told investors that Binance had a partial payback of the money he spent to buy the FTX stake in his hands”
Sam Bankman-Fried reportedly bought about 15% of Binance’s stake in the company three months before the $420 million funding round. SBF paid approximately $ 2.1 billion to CZ, the CEO of Binance. John Ray, the current CEO of FTX, questions where SBF got the money from.
The report said it was unclear exactly what the $300 million was used for.
According to The Wall Street Journal, FTX resumed funding in January 2022, with $400 million in funding flow.
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