SBF Cashed Out $300-M During FTX's Funding Spree

FTX founder Sam Bankman-Fried sold a stake in the company worth $300 million when the crypto exchange raised capital last year, the Wall Street Journal reported, citing financial records and people familiar with the matter.

Photo Insert: Last week, FTX filed for US bankruptcy protection and Bankman-Fried resigned as chief executive after Binance walked away from its proposed acquisition.

At the time, Bankman-Fried told investors it was a partial reimbursement of money he'd spent to buy out rival Binance’s stake in FTX a few months earlier, Reuters reported.

Bankman-Fried and FTX did not immediately respond to Reuters' requests for comment on the matter.

The Journal's report cited FTX's October 2021 funding round, where the company had raised $420 million from a clutch of big name investors including Temasek and Tiger Global, valuing the crypto exchange at $25 billion.

Last week, FTX filed for US bankruptcy protection and Bankman-Fried resigned as chief executive after Binance walked away from its proposed acquisition. Several crypto firms have since been bracing for a fallout from the FTX collapse, with many counting their exposure in millions to the beleaguered exchange.

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