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Ripple General Counsel: SEC Finally Admits FTX Customers’ Assets Were Used to Bail Out BlockFi

Ripple’s general counsel Stuart Alderoty has made an important discovery in the SEC’s recently filed charges against FTX and Alameda Research execs. According to Alderoty, the Securities and Exchange Commission recently admitted that FTX and Alameda Research execs – Sam Bankman-Fried and Caroline Ellison – used customers’ assets to bail out embattled cryptocurrency lender BlockFi. 

“On or about June 21, 2022, after giving a $250 million line of revolving credit to BlockFi, a global crypto financial services company, to provide the company with access to capital to ease liquidity concerns, BankmanFried tweeted: We take our duty seriously to protect the digital asset ecosystem and its customers,” the SEC noted. 

(By Lele Jima)

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