{"id":41330,"date":"2022-11-29T05:19:25","date_gmt":"2022-11-29T09:19:25","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=41330"},"modified":"2022-11-29T05:19:28","modified_gmt":"2022-11-29T09:19:28","slug":"blockfi-sues-sam-bankman-fried-over-shares-in-robinhood","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/blockfi-sues-sam-bankman-fried-over-shares-in-robinhood\/","title":{"rendered":"BlockFi sues Sam Bankman-Fried over shares in Robinhood"},"content":{"rendered":"\n
Bankrupt cryptocurrency lender BlockFi<\/a> is suing FTX's Bankman-Fried\u2019s investment company Emergent Fidelity Technologies to turn over its $575M stake in Robinhood as collateral it agreed to pay.<\/h5>\n\n\n\n
\"BlockFi
BlockFi sues Sam Bankman-Fried over shares in Robinhood<\/figcaption><\/figure>\n\n\n\n

Sam Bankman-holding Fried's firm has been sued by now bankrupt cryptocurrency lending business BlockFi for the shares of Robinhood that Bankman-Fried promised as collateral earlier this month.<\/p>\n\n\n\n

Just a few hours after BlockFi filed for Chapter 11 bankruptcy<\/a> in the same court on November 27, the lawsuit was filed there on November 28.<\/p>\n\n\n\n

According to the petition, BlockFi is requesting turnover collateral from Emergent as part of a pledge agreement from November 9 in which Emergent agreed to a payment schedule with BlockFi that it is believed has not been met.<\/p>\n\n\n\n

The collateral is described by BlockFi as “containing some shares of common stock.”<\/p>\n\n\n\n

Through his Emergent investment business\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>, Bankman-Fried spent $648 million purchasing 7.6% of the shares of the online brokerage company Robinhood.<\/p>\n\n\n\n

One of the most recent businesses to declare bankruptcy as a consequence of the demise of the FTX cryptocurrency exchange is BlockFi.<\/p>\n\n\n\n

Earlier in the month, the cryptocurrency company first disputed that the bulk of its assets was kept on FTX, but it later confirmed having “substantial exposure” to the exchange.<\/p>\n\n\n\n

BlockFi claimed that the company had assets between $1 billion and $10 billion, liabilities in the same range, and more than 100,000 creditors in its bankruptcy case.<\/p>\n\n\n\n

Prior to FTX declaring bankruptcy <\/a>on November 11, Bankman-Fried had been scrambling to get new finance worth billions of dollars. His Robinhood shares were mentioned as an asset in spreadsheets he provided to investors.<\/p>\n\n\n\n

Even after signing the commitment agreement, Bankman-Fried was still in talks to sell his Robinhood shares, according to two persons with knowledge of the situation.<\/p>\n\n\n\n

On the evening of November 10, Bankman-Fried was still negotiating such deals, according to reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bankrupt cryptocurrency lender BlockFi is suing FTX’s Bankman-Fried\u2019s investment company Emergent Fidelity Technologies to turn over its $575M stake in Robinhood as collateral it agreed to pay. Sam Bankman-holding Fried’s firm has been sued by now bankrupt cryptocurrency lending business BlockFi for the shares of Robinhood that Bankman-Fried promised as collateral earlier this month. Just […]<\/p>\n","protected":false},"author":12,"featured_media":41332,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[1553,12470,1223,11872],"class_list":["post-41330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-blockfi","tag-emergent-fidelity-technologies","tag-robinhood","tag-sam-bankman-fried-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/11\/image-141.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41330","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=41330"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/41330\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/41332"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=41330"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=41330"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=41330"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}