FTX Asks Court For Help In Battle Over $450M In Robinhood Shares
Defunct crypto exchange FTX has sought assistance from a U.S. bankruptcy court in an ongoing fight over ownership of about $450 million in Robinhood Markets stock.
Harshvardhan
10:00 23rd Dec, 2022
Markets
Specifically, 56 million shares are owned by Emergent Fidelity Technologies, an entity 90% owned by disgraced FTX founder and former CEO Sam Bankman-Fried and organized in Antigua and Barbuda, according to a court filing.
The parties trying to gain control of the Robinhood shares — frozen on brokerage ED&F Man Capital Markets in November — are failed crypto lender BlockFi, FTX creditor Yonathan Ben Shimon and Bankman-Fried.
"The fact that multiple prepetition creditors of different Debtors and Mr. Bankman-Fried are all seeking to obtain possession of the Robinhood Shares demonstrates that the asset should be frozen until this Court can resolve the issues in a manner that is fair to all creditors of the Debtors," FTX said.
