Nov 18 (Reuters) – FTX founder Sam Bankman-Fried bought a stake within the firm price $300 million when the crypto trade raised capital final 12 months, the Wall Road Journal reported on Friday, citing the agency’s monetary data and other people accustomed to the transaction.
On the time, Bankman-Fried informed buyers it was a partial reimbursement of cash he’d spent to purchase out rival Binance’s stake in FTX just a few months earlier, the report added.
Bankman-Fried and FTX didn’t instantly reply to Reuters’ requests for touch upon the matter.
The Journal’s report cited FTX’s October 2021 funding spherical the place the corporate had raised $420 million from a clutch of massive identify buyers together with Temasek and Tiger World, valuing the crypto trade at $25 billion.
Final week, FTX filed for U.S. chapter safety and Bankman-Fried resigned as chief govt, after Binance walked away from its proposed acquisition.
A number of crypto corporations have since been bracing for a fallout from the FTX collapse, with many counting their publicity in thousands and thousands to the beleaguered trade.
Reporting by Manya Saini in Bengaluru; Enhancing by Maju Samuel
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