Bankrupt BlockFi Sues Sam Bankman-Fried Over Robinhood Shares Pledged As Collateral

Mehab Qureshi

November 28, 2022

BlockFi, the latest crypto lending platform to go bankrupt, has filed a suit against FTX (CRYPTO: FTT) founder Sam Bankman-Fried's holding company Emergent Fidelity Technologies, seeking his shares in Robinhood (NASDAQ:HOOD), which were allegedly pledged as collateral earlier in November.

What Happened: This comes as BlockFi filed for chapter 11 on Monday in a U.S. Bankruptcy Court.

BlockFi is requesting Emergent to forfeit collateral as part of a pledge agreement signed on Nov. 9, which demands that Emergent pay BlockFi a certain amount of money, as reported by Cointelegraph.

See More: Best Crypto Apps

SBF’s Emergent investment firm purchased $648 million worth of Robinhood shares in May, gaining a 7.6% stake in the online brokerage firm.

The U.S. Securities and Exchange Commission (SEC) is one of the biggest creditors of BlockFi. The regulator has a $30 million unsecured claim against the cryptocurrency lender.

BlockFi in its bankruptcy filing said that it has between $1 billion and $10 billion in assets, with liabilities in the same range, as well as over 100,000 creditors.
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