FTX asked a bankruptcy court in the United States to leave the Robinhood shares where they are as various parties lay claim.
Embattled crypto exchange FTX asked for the assistance of a United States bankruptcy judge to prevent crypto lending firm BlockFi from claiming around $450 million worth of Robinhood shares purchased by its former CEO Sam Bankman-Fried.demanding Emergent Fidelity Technologies, Bankman-Fried's holding company, to turn over 56 million Robinhood Markets shares. The stocks were allegedly put up as collateral for BlockFi's loans to crypto trading firm Alameda Research.
FTX said that the shares are owned by Alameda Research and insisted that the embattled FTX companies should keep the shares while investigations on other claims to the ownership are ongoing. Apart from BlockFi, Bankman-Fried and FTX creditor Yonathan Ben Shimon are laying claim to the shares. If the court decides to dismiss the request to keep the shares, FTX also suggested an alternative approach which is to “extend the automatic stay” of the assets. This will “ensure that all creditors—including BlockFi and the others—can participate in an orderly claims process,” according to FTX.
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