BlockFi Sues SBF for Forfeiture of $575 Million Worth of Shares in Robinhood

Nov 29,2022
KingData News: Cryptocurrency lender BlockFi has filed a lawsuit against SBF, the former CEO of FTX, seeking forfeiture of SBF's $575 million worth of stock in Robinhood. BlockFi's exposure to SBF ultimately led to its collapse, BlockFi said in court filings, after SBF pledged stock assets on Robinhood as collateral for an unnamed borrower in the name of its Emergent Fidelity Technologies company earlier this month. Legal documents show that the "unnamed borrower" is none other than Alameda Research, which owed BlockFi $680 million in early November.
Cryptocurrency lending company BlockFi filed for bankruptcy protection and has fired most of its employees, according to a Nov. 28 news release. As previously reported, BlockFi was facing a liquidity crisis due to its large exposure to FTX.
507Follow
74,362

Recommend

More