COIN DEAD - Daily Crypto News logo COIN DEAD - Daily Crypto News logo
#
Seeking Alpha 2023-02-03 20:54:37

Sam Bankman-Fried's Emergent Fidelity Technologies files for bankruptcy - report

Emergent Fidelity Technologies, an offshore entity of FTX's ( FTT-USD ) Sam Bankman-Fried that owns 55M shares of trading app Robinhood Markets ( NASDAQ: HOOD ), filed for Chapter 11 bankruptcy protection, Bloomberg reported Friday, citing court papers. At current market prices, Emergent Fidelity's Robinhood ( HOOD ) stake is worth $591.25M, though the U.S. government has already snatched it . Emergent, of which Bankman-Fried no longer controls, has no other assets except $20.7M in cash, the papers showed. HOOD slid 3.7% to $10.75 in midafternoon trading, accompanied by a risk-off day across asset classes. In November 2022, crypto lender BlockFi, in the midst of crypto exchange FTX's collapse, sued Emergent Fidelity to get the HOOD shares that were allegedly pledged to BlockFi three weeks earlier .

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.