Key Points:
According to the details from the affidavit provided to a Caribbean court, Bankman-Fried stated that he and FTX co-founder Gary Wang borrowed $546 million from Alameda using promissory notes in April and May. They used that money to fund Emergent Fidelity Technologies Ltd., the shell business that purchased a 7.6% share in Robinhood in May.
The affidavit throws a fresh twist on a fight for the 56 million Robinhood shares. BlockFi, the lender that avoided bankruptcy earlier this year while FTX was in good financial standing, FTX Group, and Bankman-Fried himself have all tried to claim the shares, which might be worth more than $440 million.
It should be made known that since the bankruptcy began on November 11, FTX’s bankruptcy asset managers asked ED&F Man Capital Markets to freeze the 56 million brokerage shares owned by Emergent Fidelity Technologies.
As Coincu reported on November 29, Sam Bankman-Fried has been sued by BlockFi over his ownership of Robinhood. The statement was released right after BlockFi filed for chapter 11 bankruptcy protection, in which BlockFi’s complaint seeks Robinhood’s shares because SBF allegedly maintained them as collateral.
BlockFi has filed for bankruptcy, claiming in a court statement that it was entitled to the rights to the Robinhood shares as a result of an agreement signed by Bankman-Fried in early November. According to the filing on Tuesday, the shares were pledged as security against a loan taken out by Alameda Research, the same entity whose funds were used to acquire the shares in the first place.
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