Regulatory filings and court documents reveal that Sam Bankman-$32 Fried’s billion crypto empire, which collapsed, invested through Alameda Research in local cryptocurrency exchange BitPesa, start-up Mara that specializes in digital finance, and remittance company Chipper Cash.
With Kenya being one of the top markets in the area and FTX being one of the most well-liked digital token trading platforms in Africa, losses in the billions could result. According to documents submitted to the US Bankruptcy Court for the District of Delaware, the business owes more than $3 billion to one million creditors.
In their opening statement at the first hearing last week, the attorneys for the defunct firm claimed that an inner circle of Bankman-Fried, operating from the Caribbean island of Bahamas, was responsible for running the business.
It emerged last week that the disgraced crypto king and his parents used company funds to purchase at least 19 properties worth about Sh14.8 billion ($121 million) in the Caribbean Island over the last two years.