Sam Bankman-Fried, the founder of a failed crypto company FTX, sold a $300 million stake in his company following a “meme” fundraiser.
The event drummed up $420.69 million from 69 investors, numbers that are references to cannabis and sex. Investors were reportedly told the money would be used to improve the user experience, help FTX work with regulators and grow the business, reports the Wall Street Journal.
Bankman-Fried, 30, justified the sale by telling investors it was partial reimbursement for money he spent to buyout Binance’s stake in the company, reports The Daily Mail. Binance is a cryptocurrency exchange that claims to operate the worlds biggest Bitcoin exchange and altcoin crypto exchange in the world by volume.
Now working through bankruptcy, John Ray, FTX’s new chief executive, said in a court filing that the process would involve the “comprehensive, transparent and deliberate investigation into claims against
Read full article on The Growth Op