FTX Files Lawsuit to Protect 56 Million Robinhood Shares from Creditors
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FTX, which files for bankruptcy last month, has filed a lawsuit to protect a block of 56 million shares of Robinhood Markets from creditors.
According to court documents, “approximately 56 million shares of Robinhood Markets, Inc.’s (Robinhood) Class A common stock (the Robinhood Shares or Shares) are currently frozen in a brokerage account at ED&F Man Capital Markets Inc. (EDFM) in New York City.”
According to the company, the shares, which are valued at about $448M, were acquired and controlled by Emergent Fidelity Technologie, a brokerage company 90% owned by FTX founder and former CEO Sam Bankman-Fried.
According to the lawyers of the exchange, Sam Bankman-Fried treated the personal assets and funds of the companies he owns as “fungible.”
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