Bankrupt exchange FTX asked to protect the package with the assets of Robinhood Markets
Photo: Reuters/Dado Ruvic
Failed American cryptocurrency exchange FTX has filed a lawsuit to protect their 56,000,000 shares of assets from creditors. The total aggregate value of Robinhood Markets holdings in FTX is $448,000,000.
It is noteworthy that, according to FTX, the securities were acquired by the brokerage company Emergent Fidelity Technologie, which controls the stake in Robinhood Markets. Former FTX CEO Sam Bankman-Fried owns 90% of Emergent Fidelity Technologie.
In the request, filed by FTX lawyers, it was frankly stated that Bankman-Freed treats personal assets and funds of companies under his control as fungible. In other words, he really could manage the funds of companies as if they were his own and carry out the necessary turnover.
The Robinhood Markets package that FTX is trying to protect is in demand. Investor Jonathan Ben Shimon and BlockFi are looking to acquire them. The latter have a special interest in this, which is worth paying attention to. It was this company that acted as a creditor for Alameda Research, associated with FTX. In addition, BlockFi is now in a difficult position and is going through bankruptcy proceedings, and therefore they are looking for cash to cover expenses.
Caroline Ellison, formerly head of Alameda Research, said that the shares are acting as part of the collateral for a loan from BlockFi, and the latter do not agree with the ex-CEO of Alameda and want to take a stake in Robinhood Markets.
Earlier, Allison was able to admit her guilt in the collapse of the company. Gary Wang, one of the founders of the American cryptocurrency exchange FTX, did the same thing.
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