BlockFi Sues FTX's Bankman-Fried Over Shares In Robinhood

Newly-bankrupt crypto lending platform BlockFi has filed a lawsuit against Sam Bankman-Fried's holding company Emergent Fidelity Technologies seeking his shares in Robinhood that were pledged as collateral earlier in November. CoinTelegraph reports: The suit was filed on Nov. 28 in the United States Bankruptcy Court for the District of New Jersey just hours after BlockFi filed for Chapter 11 bankruptcy in the same court. As per the filing, BlockFi is demanding Emergent turnover collateral as part of a Nov. 9 pledge agreement that saw Emergent agree to a payment schedule with BlockFi that it has allegedly failed to pay.

BlockFi names the collateral as 'including certain shares of common stock.' In May, Bankman-Fried acquired a 7.6% stake in the online brokerage firm Robinhood, buying a total of $648 million in Robinhood shares through his Emergent investment company.

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