Google and BlackRock are considered to be investing heavily in FTX.

Sam Bankman-Fried's crypto exchange hit the drain last November when FTX enlisted BlackRock and Google as investors, according to evidence presented at the one-time wunderkind's criminal trial on Thursday.

FTX's former general counsel, Khan Sun, testified that federal prosecutors provided a spreadsheet linked to the fundraisers at the now-defunct exchange. The document includes information about various fundraising rounds—including one that Sun said it “will never close.”

As evidenced, FTX's C1 funding round was launched in late summer and fall of 2022. The spreadsheet indicates that 15 potential investors “should participate[d] Pronto,” including BlackRock, Google and Apollo, Sun said during his testimony.

” they asked Apollo. […] “To invest in FTX to solve the liquidity problem that FTX was withdrawing to customers,” Sun recalled, adding that he was involved in discussions with the company.

BlackRock and Google have a “moderate” chance of participating in the funding round, according to the spreadsheet. It also states that both firms were conducting due diligence on the Bankman-Fried exchange prior to the November 11 collapse.

Bankman-Fried is defending himself against seven counts of fraud and embezzlement for his conduct at FTX. Bankman-Fried is accused of defrauding clients by using billions in client funds for insider loans, political donations, venture investments and real estate purchases. He was also accused of misleading FTX investors, which is now the subject of an SEC lawsuit.

According to the spreadsheet, Google, BlackRock, venture capital firm NEA and Qatar Investment Authority were equally likely to participate in the financing round. The spreadsheet lists Temasek and Standard Crypto as “high” potential investors.

BlackRock had invested $24 million in FTX before it bolted, CEO Larry Fink said at a New York Times Deal Book event last year. Google has not directly invested in Bankman-Fried's companies, but shares a capital desk with him. In February, Google announced a $400 million investment in AI startup Anthropomorphic, which Bankman-Fried's business firm Alameda Research also backed.

Neither BlackRock nor Google immediately responded to requests for comment from Decrypt.

Six companies, including a16z and General Atlantic, “declined” to participate in the mid-2022 funding round, according to a spreadsheet shown to the jury this week. Listed just under Columbia and Harvard, the spreadsheet shows that Vanderbilt University gave $5 million to the round.

Vanderbilt University did not immediately respond to Decrypt's request for comment.

Still, Sun said on Thursday the funding never closed and investors never actually put money into FTX as part of the exchange's failed C1 funding round.

Former Alameda CEO Caroline Ellison, who pleaded guilty to multiple charges in connection with the disgraced crypto mogul's case, testified in October 2022 that Banman-Fried would “attempt to raise capital by selling FTX equity” to raise additional funds.

Although not reflected in the spreadsheet, Ellison said in a conversation with Bankman-Fried that Saudi Arabia's Crown Prince Mohammed bin Salman intends to buy equity in FTX. During the testimony, she increased, unsuccessfully.

Earlier in Bankman-Fried's criminal trial, Paradigm's founder, Matt Huang, said the firm had “zero” on its $278 million investment in FTX. Huang said that if Paradigm had known about Alameda's FTX customer deposits, it would have given the company pause.

“It's generally understood that customer deposits are kind of sacred,” he said. “The less true, the more we want to know. And not knowing more will be a problem for investment.”

Edited by Stacy Elliott.