He collateralized HOOD stocks by taking a loan for Alameda Research.
BlockFi, which filed for bankruptcy protection on Monday, is taking Sam Bankman-Fried’s Emergent Fidelity Technologies to court for seizing Robinhood shares (HOOD) pledged to the crypto lending platform as collateral.
he lawsuit came only hours after BlockFi filed for bankruptcy proceedings. It filed the lawsuit in the United States Bankruptcy Court for the District of New Jersey, which is also overseeing the bankruptcy proceedings.
According to the court documents, BlockFi and Emergent Fidelity Technologies agreed on November 9 to guarantee the payment of an unnamed borrower by pledging unnamed common stocks. A Financial Times report revealed that the borrower from BlockFi is Bankman-Fried’s Alameda Research, and the pledged stocks are from Robinhood.
Bankman-Fried acquired a 7.6 percent stake in Robinhood earlier this year for $648 million, with rumors of him purchasing a controlling stake in the online broker. However, it was officially denied, saying there were 'no active' merger or acquisition talks.
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