FTX court filing reveals former Alameda CEO’s $2.5M yacht purchase

FTX Debtors have disclosed a series of financial statements revealing transactions that benefited company executives shortly before the major cryptocurrency exchange’s collapse in November 2022.

In a recent court

The filing also revealed that Bankman-Fried and FTX co-founder Gary Wang purchased Robinhood shares in April 2022, totalling $35,185,242. They continued their acquisitions of Robinhood in May 2022, spending an additional $19.45 million. It discloses that Bankman-Fired held a 90% share ownership, with Wang owning the remaining 10% through their company, Emergent Fidelity Technologies.

However, in January, the U.S. Department of Justice seized the shares belonging to Bankman-Fried and Wang.

On Aug 31, Cointelegraph reported that Robinhood has repurchased all shares previously owned by FTX and Alameda Research. 

Robinhood revealed in a statement that it has completed the purchase of 55,273,469 shares for roughly $606 million. Following the purchase announcement, Robinhood’s chief financial officer Jason Warnick expressed the company’s satisfaction with the outcome:

“We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders.” 

Meanwhile, several cash payments were disclosed to executives including Bankman-Fried and Wang, as well as FTX director of engineering Nishad Singh, former FTX chief marketing officer Darren Wong, and former FTX chief operating officer Constance Wang, all within the twelve months prior to the collapse.

However, it notes that the disclosures only pertain to fiat currency and the extent to which crypto transactions could be traced. “Responses to this question do not currently include all transfers of cryptocurrency, other digital assets or other assets,” it stated.

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