The Wall Street Journal: SBF previously cashed out $300 million by selling personal holdings in FTX's $420 million B-1 round financing

ChainCatcher news, according to a report by The Wall Street Journal citing FTX financial report reviewers and informed sources, former FTX CEO SBF cashed out $300 million by selling personal shares during FTX's $420 million B-1 funding round completed last October. SBF told investors at the time that this portion was to offset the money spent a few months earlier to purchase FTX shares held by Binance. It is currently unknown what SBF did with this $300 million. According to FTX's 2021 financial statements, the funds were held by the company on behalf of "related parties" for "operational contingencies."

ChainCatcher previously reported that Binance was the first investor in the FTX platform, but SBF had repurchased all (15% of the total) FTX shares from Binance in July 2021. FTX had previously announced the completion of over $420 million in B-1 funding in October 2121, with participation from BlackRock, Tiger Global, the Ontario Teachers' Pension Plan, Temasek, Sequoia Capital, and others. (source link)