Sam Bankman-Fried invested $20mn in a large venture capital fund that then took a stake in his FTX cryptocurrency exchange group, an arrangement that highlights close links between the fallen billionaire and some of his backers.
In late 2021 Bankman-Fried invested in a fund managed by Paradigm, a big backer of crypto start-ups. The same $2.5bn “Paradigm One” fund later invested in his FTX and FTX US exchanges, according to disclosures made this week in bankruptcy court.
Paradigm One was at the time the biggest crypto-focused venture capital vehicle. As a result of the transactions, Bankman-Fried invested in and received financing from that single pot of money.
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