Former FTX CEO Borrows Millions to Invest in Robinhood Markets

• Cryptocurrency exchange Kraken is exiting Japan and deregistering from the Financial Services Agency as of Jan. 31.
• Bitcoin miner Argo Blockchain has sold its Helios mining facility in Texas to Galaxy Digital for $65 million and secured a $35 million loan from Mike Novogratz’s crypto-focused financial services firm.
• Former FTX CEO Sam Bankman-Fried borrowed hundreds of millions of dollars from Alameda Research, the trading firm he owns, to purchase his stake in trading app Robinhood Markets.

Cryptocurrency exchange Kraken has announced that they will be exiting Japan and deregistering from the Financial Services Agency as of the end of January, citing “current market conditions in Japan in combination with a weak crypto market globally” in a blog post. All Kraken users in the country have until the end of the month to withdraw their fiat and crypto holdings, with the option of transferring crypto to another wallet or wiring Japanese yen to a local bank.

Meanwhile, Bitcoin miner Argo Blockchain has managed to avoid a potentially disastrous bankruptcy filing after they agreed to sell their Helios mining facility in Dickens Country, Texas to Galaxy Digital for $65 million. The miner will also be getting a new $35 million loan from financier Mike Novogratz’s crypto-focused financial services firm, with the loan being secured by Argo’s mining equipment. This transaction has allowed Argo to bolster their balance sheet and avoid bankruptcy after a deal for $27 million in funding fell through in October.

Finally, former FTX CEO Sam Bankman-Fried has revealed that he borrowed hundreds of millions of dollars from Alameda Research, the trading firm he owns, to purchase his stake in trading app Robinhood Markets. Bankman-Fried disclosed this information in an affidavit provided to a Caribbean court before his arrest, stating that he and FTX co-founder Gary Wang had used the money from Alameda to purchase the shares.