[NEWS] FTX plans to raise funds from Google and BlackRock before bankruptcy

2024/08/09 09:13 (Updated 2024/12/25 18:12)
Editors of Iolite
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[NEWS] FTX plans to raise funds from Google and BlackRock before bankruptcy

Funding from Google, BlackRock, and others

It has been revealed that FTX, a cryptocurrency exchange that collapsed last November, was planning to raise funds from Google, BlackRock, and others.

This was revealed during the ongoing trial of former FTX CEO Sam Bankman-Fried, who is accused of fraud and other charges.

According to documents on fundraising submitted by FTX's general counsel Can Sun, in a fundraising round planned for the summer to fall of 2022, 15 companies, including Google, BlackRock, and Qatar's sovereign wealth fund Qatar Investment Authority, were considered "potential clients" and were described as being drawn into investing as soon as possible.

Among them, it seems that the major investment fund Apollo was actually asked to invest in order to solve the liquidity problem caused by FTX's customer withdrawals.

According to Sun, there was a 50/50 chance that Google and BlackRock would invest. Both had conducted due diligence on the exchange before FTX collapsed.

On the other hand, Singapore government fund Temasek and US VC Standard Crypto seem to have been classified as investors with a high probability of investing. In fact, Temasek has invested in FTX in the tens of billions of yen in the past. In addition, six companies, including a16z, reportedly declined to invest at the same time.

However, according to Sun, all of these companies were "before investing" and had not actually invested.

Regarding fundraising, Caroline Ellison, former CEO of Alameda Research, who was a close aide to Bankman-Fried, revealed that FTX was seeking investment from Saudi Arabia's Crown Prince Mohammed bin Salman just before its collapse.

Currently, Bankman-Fried is charged with seven charges, including fraud. He has pleaded not guilty to all charges, but if found guilty, he could face up to 100 years in prison.

The trial has already begun and is expected to last until the 9th of next month.

Source:Decrypt
Image: Shutterstock

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MAGAZINE

Iolite Vol.15

September 2025 issueReleased on 2025/07/30
Interview Iolite FACE vol.15 Avery Chin, co-founder and CEO of Aptos Labs PHOTO & INTERVIEW Tester Special feature: "How to master workplace relationships! Using MBTI", "Riding the waves of the 'first year of AI agents'!", "Is Bitcoin the savior of companies? The forefront of treasury strategies", "Management strategies learned from villains" Crypto Journey: "The intersection of Web 3.0 and social contribution" Interview with Gracie Chen, CEO of Bitget Series: "Expert perspectives on interpreting the fluctuating cryptocurrency market" Virtual NISHI Series: Tech and Future Toshinao Sasaki, etc.