BlockFi has sued Sam Bankman-Fried for his shares in Robinhood, which was used as collateral This comes in on the same day as its chapter 11 bankruptcy protection filing in New Jersey court BlockFi has sued Sam Bankman-Fried for his shares in Robinhood, an American financial services provider. Interestingly, this news comes hours after BlockFi […]
a whopping $648 million. And, Bankman-Fried is said to have been the sole director with majority shares. Interestingly, this move was followed by plans for a complete acquisition of Robinhood. However, they didn’t come to fruition.The crypto lending platform, along with its eight affiliates, filed for bankruptcy on November 28 at the New Jersey Court.
Additionally, BlockFi filed for customary motions in order to continue its business operations. This includes paying wages, maintaining employee benefits, and creating key employee retention plans. Notably, these motions are yet to get a green light from the New Jersey court approval. Subsequently, the platform has also made a move with regard to its Bermuda subsidiary. The press release read,
“In parallel with these chapter 11 cases, BlockFi International Ltd. a Bermuda incorporated company, filed a petition with the Supreme Court of Bermuda for the appointment of joint provisional liquidators pursuant to section 161 of Bermuda’s Companies Act”The bankruptcy petition filed by BlockFi shed some light on its financial conditions. According to it, the lending platform has over 100,000 creditors, with assets and liabilities falling between $1 billion and $10 billion.
All three have an unsecured claim in millions, with Ankura’s claim standing at $769 million. Meanwhile, the FTX US has an unsecured claim of $275 million, while the SEC has a claim of $30 million.Subscribe to get it daily in your inbox.
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