FTX Considered Raising Funds From Google and BlackRock
- Court documents show that Google and BlackRock considered taking part in an FTX fundraising round.
- Bankman-Fried considered raising funds from Saudi Arabian Crown Prince Mohammed bin Salman.
The ongoing trial of Sam Bankman-Fried, the former CEO of cryptocurrency exchange FTX, has brought to light some intriguing documents. These documents revealed the potential involvement of big corporate companies in the crypto world, with Google being one of the key players in the spotlight. Apparently, these companies were actively considering joining the crypto world via FTX.
Can Sun Reveal FTX’s Fundraising Plan
During the trial, Can Sun, who previously served as FTX’s general counsel, took the stand and shared a crucial spreadsheet that detailed FTX’s fundraising strategy. This document, now publicly accessible, showed how FTX intended to secure investors for an upcoming funding round.
The document in question lists about 15 possible investors, including major players like BlackRock, Google, and Apollo. Interestingly, both Google and BlackRock considered getting involved with FTX, showing how appealing the crypto industry has become to giant corporations.
Court documents show that Google and BlackRock’s interest in FTX was beyond casual. Both companies had begun their homework on FTX but ultimately pulled the plug following FTX’s November 2022 crisis and bankruptcy.
BlackRock had previously invested $24 million in FTX before it collapsed. However, Google never made a direct investment in any of Bankman-Fried’s companies. Instead, it invested $400 million in Anthropic, an artificial intelligence company supported by Bankman-Fried’s Alameda Research.
Earlier in Bankman-Fried’s trial, former Alameda Research CEO Caroline Ellison claimed FTX considered raising funds from Saudi Arabian Crown Prince Mohammed bin Salman. However, the arrangement failed to materialize.
Bankman-Fried’s trial has opened conversations about the excesses of crypto founders and the need for strict regulations. Some of the shocking revelations seem to mount pressure on Bankman-Fried’s defense team to put up a strong defense in the face of overwhelming evidence.
Bankman-Fried is facing trial for seven fraud and conspiracy charges. The 31-year-old is charged with defrauding FTX customers of billions of dollars and using these funds to enrich himself, make heavy political donations, buy real estate, and make several venture investments.
Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.
