BlockFi sued Sam Bankman-Fried over shares in Robinhood

Crypto lender platform BlockFi sued Sam Bankman-Fried’s holding company Emergent Fidelity Technologies seeking his shares in Robinhood that were pledged as collateral. The suit was filed on November 28 in the United States Bankruptcy Court for the District of New Jersey after the crypto firm filed for Chapter 11 bankruptcy in the same court.

Bankman-Fried owned about 56.2 million shares or 7.6% of Robinhood Class A common stock, buying a total of $648 million in Robinhood shares through his Emergent investment company. The shares worth is $520 million at the press time.

“The principal business address of Emergent is Unit 3B Bryson’s Commercial Complex, Friars Hill Road, St. Johns, Antigua. The principal business of Emergent is the making of investments in securities and other assets. Mr. Bankman-Fried is the sole director and majority owner of Emergent. The principal business addresses of Mr. Bankman-Fried are 27 Veridian Corporate Center, Western Road, New Providence, Nassau, Bahamas and 167 N Green St, Floor 11 Suite 2, Chicago IL 60607. Mr. Bankman-Fried is the co-founder and Chief Executive Officer of each of FTX Trading Ltd. and West Realm Shires Services Inc. d/b/a FTX US”, according to a document filed with the SEC.

BlockFi is one of the latest crypto companies to file for bankruptcy as a result of the collapse of “FTX scam”.

Genesis Trading is coming soon.

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