FTX’s Sam Bankman-Fried cashed out $300 million during funding spree - WSJ

FILE PHOTO: Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - FTX founder Sam Bankman-Fried sold a stake in the company worth $300 million when the crypto exchange raised capital last year, the Wall Street Journal reported on Friday, citing the firm's financial records and people familiar with the transaction.

At the time, Bankman-Fried told investors it was a partial reimbursement of money he'd spent to buy out rival Binance’s stake in FTX a few months earlier, the report added.