Breaking: Sam Bankman-Fried sold $300 million FTX shares in a fundraising spree last year, people familiar with the matter say. He told investors it was a reimbursement.
When FTX raised $420 million from an array of big-name investors in October 2021, the cryptocurrency exchange said the money would help expand the business, improve user experience and allow it to engage more with regulators.
Left unmentioned was that nearly three-quarters of the money, $300 million, went instead to FTX founder Sam Bankman-Fried, who sold some of his personal stake in the company, according to FTX financial records reviewed by The Wall Street Journal and people familiar with the transaction.
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