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FTX laminitis Sam Bankman-Fried leaves the courthouse pursuing his arraignment successful New York City connected December 22, 2022.
Ed Jones | Afp | Getty Images
It wasn't conscionable Tom Brady and Gisele Bündchen.
The roster of high-profile investors who mislaid wealth betting connected crypto speech FTX besides included New England Patriots proprietor Robert Kraft and billionaire hedge money manager Paul Tudor Jones, according to tribunal filings released precocious Monday.
Sam Bankman-Fried's well-documented success astatine raising wealth and charming investors extended to a much expansive acceptable of personage investors and big-name financers than was antecedently disclosed. FTX went done 4 fundraising rounds to scope a $32 cardinal valuation by aboriginal past year, earlier yet spiraling into bankruptcy successful November.
Bankman-Fried, FTX's co-founder and erstwhile CEO, has pleaded not guilty to aggregate transgression charges, including fraud and wealth laundering. In December, helium was released connected a $250 cardinal enslaved portion awaiting trial.
For task backers, FTX represents a nonaccomplishment of historical proportions. Sequoia Capital said successful November that it had marked its concern of implicit $210 cardinal down to zero. Before erstwhile equity holders tin statesman trying to recoup immoderate of their investment, customers face a agelong roadworthy to recovery, arsenic the bankruptcy process winds its mode done tribunal and crossed dozens of jurisdictions.
FTX's task investors included a big of luminaries. Dan Loeb controlled implicit 6.1 cardinal preferred shares done Third Point-connected task funds. Rival speech Coinbase held astir 1.3 cardinal preferred shares.
Jones, the laminitis of Tudor Investment, seemingly owned shares done a bid of household trusts. Kraft controlled 155,144 shares of preferred banal done antecedently undisclosed investments successful FTX.
Brady, who astatine property 45 is the winningest backmost successful National Football League history, was a known FTX backer and a pitchman for the company. He held communal banal successful the institution alongside Bündchen. The personage mates announced their divorce successful October aft 13 years of marriage.
CNBC has compiled and analyzed the pursuing preferred stock ownership utilizing Delaware bankruptcy tribunal filings.
Series B: July 2021
Despite being called a Series B raise, this July 2021 fundraising circular was FTX's archetypal infusion of extracurricular capital, excluding an aboriginal concern from Binance that was yet coiled down. Investors included Paradigm and Sequoia, arsenic good arsenic Thoma Bravo and Third Point. The $900 cardinal circular valued FTX astatine $18 billion.
Jones, who told CNBC successful October 2022 that his bitcoin vulnerability was "minor," appears to person invested successful FTX done a bid of household trusts.
Series B-1: October 2021
Just months aft a $900 cardinal financing, FTX closed different backing circular for $420 million, which included galore of the archetypal Series B backers. The capitalist database expanded to see antecedently undisclosed superior from Alibaba co-founder Joe Tsai's household office, Blue Pool, among others.
Series C: January 2022
As FTX and Bankman-Fried spent hundreds of millions of dollars connected advertizing deals and sponsorships, the institution continued to question task wealth astatine a voracious pace. In January 2022, FTX closed its $400 cardinal Series C circular astatine a valuation of $32 billion.
FTX US Series A: January 2022
FTX, which was based successful the Bahamas, created FTX US successful effect to U.S. regulations connected cryptocurrency trading. Regulators person since alleged that FTX US was separated from the planetary limb of FTX successful sanction only.
In trying to found its independence, FTX US closed a $400 cardinal backing circular successful January 2022 from investors including Singapore sovereign wealthiness money Temasek and Masayoshi Son's SoftBank Vision Fund. Previously undisclosed task backers for the circular included Kraft and Daniel Och's household office, Willoughby Capital.
According to bankruptcy filings and regulatory complaints, funds and lawsuit assets moved freely among the FTX entities. Despite being partially regulated by the Commodity Futures Trading Commission, FTX US clients look an arsenic arduous process successful bankruptcy tribunal to effort and retrieve immoderate of their money.
Equity investors successful FTX US, similar those successful FTX, are staring astatine a zero.
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