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Bankrupt Crypto Lender BlockFi Sues Bankman-Fried for Robinhood Shares, FT Reports
Bankman-Fried, through a holding company, pledged his stake in Robinhood as collateral for a loan.
Updated May 9, 2023, 4:03 a.m. Published Nov 29, 2022, 3:36 a.m.
Cryptocurrency lender BlockFi, which filed for Chapter 11 bankruptcy protection on Monday, on the same day sued FTX founder Sam Bankman-Fried's Emergent Fidelity Technologies holding company for Robinhood Markets (HOOD) shares held by the company and pledged to BlockFi as collateral, the Financial Times reported, citing loan documents it had seen.
Read more: BlockFi Files for Bankruptcy as FTX Contagion Spreads
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The complaint says BlockFi and Emergent Fidelity Technologies entered an agreement on Nov. 9 to guarantee payment by an unnamed borrower, pledging an unnamed common stock as collateral. The FT, citing legal correspondence, reported that the borrower was Bankman-Fried's Alameda Research.
Bankman-Fried, trying to raise money before FTX's collapse, was still trying to sell his Robinhood shares after entering into the collateral agreement with BlockFi, the FT cited two people familiar with the matter as saying.
Read more: FTX CEO Sam Bankman-Fried Buys 7.6% Stake in Robinhood
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