Newly-bankrupt crypto lending platform BlockFi has filed a lawsuit in opposition to Sam Bankman-Fried’s holding firm Emergent Constancy Applied sciences searching for his shares in Robinhood that had been pledged as collateral earlier in November.
The swimsuit was filed on Nov. 28 in the USA Chapter Courtroom for the District of New Jersey simply hours after BlockFi filed for Chapter 11 chapter in the identical court docket.
As per the submitting, BlockFi is demanding Emergent turnover collateral as a part of a Nov. 9 pledge settlement that noticed Emergent conform to a fee schedule with BlockFi that it has allegedly did not pay.
BlockFi names the collateral as “together with sure shares of widespread inventory.”
In Might, Bankman-Fried acquired a 7.6% stake within the on-line brokerage agency Robinhood, shopping for a complete of $648 million in Robinhood shares by means of his Emergent funding firm.
Associated: FTX collapse drives curiosity round Sam Bankman-Fried, Google knowledge exhibits
BlockFi is without doubt one of the newest companies to file for chapter because of the collapse of FTX crypto alternate.
The crypto agency initially beforehand denied {that a} majority of its property had been held on FTX earlier within the month, but additionally acknowledged “vital publicity” to FTX.
In its chapter submitting, BlockFi said that it has property between $1 billion and $10 billion with liabilities in the identical vary, together with over 100,000 collectors.
