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BlockFi is suing FTX's Bankman-Fried over shares in Robinhood

Published on

January 29, 2023
Read Time:1 Minute, 8 Second

Lately bankrupt crypto lending platform BlockFi has filed a lawsuit in opposition to Sam Bankman-Fried's holding firm Emergent Constancy Applied sciences to demand his shares in Robinhood, which had been pledged as collateral earlier in November.

The lawsuit was filed in america Chapter Courtroom for the District of New Jersey on Nov. 28, simply hours after BlockFi filed for Chapter 11 chapter in the identical court docket.

In response to the submitting, BlockFi is demanding income securities from Emergent beneath a Nov. 9 pledge settlement beneath which Emergent agreed to a fee schedule with BlockFi that it allegedly did not pay.

BlockFi calls the collateral "together with sure frequent inventory."

In Might, Bankman-Fried acquired a 7.6% stake in on-line brokerage agency Robinhood, shopping for a complete of $648 million value of Robinhood inventory by its Emergent funding agency.

Associated: FTX collapse sparks curiosity about Sam Bankman-Fried, Google information exhibits

BlockFi is among the newest firms to file for chapter following the collapse of crypto trade FTX.

The crypto agency initially denied that a lot of its property had been held in FTX earlier within the month, but additionally acknowledged a “vital publicity” to FTX.

In its chapter submitting, BlockFi mentioned it had property starting from $1 billion to $10 billion with liabilities of the identical magnitude, and 100,000 collectors.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 29, 2023
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