{"id":71883,"date":"2022-12-23T16:43:28","date_gmt":"2022-12-23T14:43:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71883"},"modified":"2025-09-08T11:39:53","modified_gmt":"2025-09-08T08:39:53","slug":"ftx-seeks-court-protection-for-448-million-robinhood-stake","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ftx-seeks-court-protection-for-448-million-robinhood-stake\/","title":{"rendered":"FTX seeks court protection for $448 million Robinhood stake"},"content":{"rendered":"<p>The FTX exchange, which is in <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">bankruptcy proceedings<\/a>, <a href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.deb.188450\/gov.uscourts.deb.188450.291.0.pdf\">\u043e\u0431\u0440\u0430\u0442\u0438\u043b\u0430\u0441\u044c<\/a> to the court for protection of a package of 56 million Robinhood Markets shares (worth about $448 million) from creditors.<\/p>\n<p>According to the filing, the securities were acquired and controlled by the brokerage Emergent Fidelity Technologie, which is 90% owned by founder and former FTX chief executive Sam Bankman-Fried.<\/p>\n<p>The exchange\u2019s lawyers, in the petition, acknowledged that the latter had treated the personal assets and funds of the companies under his control as interchangeable.<\/p>\n<p>Creditors affiliated with FTX&#8217;s Alameda Research \u2014 the crypto-lending platform BlockFi (also undergoing <a href=\"https:\/\/u1f987.com\/en\/news\/blockfi-files-for-chapter-11-bankruptcy-protection\">bankruptcy proceedings<\/a>) \u2014 and investor Jonathan Ben Shimon, have claims on the package.<\/p>\n<p>BlockFi&#8217;s claim was based on a statement by former Alameda head Caroline Ellison that the shares are part of collateral for the platform&#8217;s loan. The two companies had cooperated for three years.<\/p>\n<p>Ben Shimon grounded his claims on a court ruling in Antigua and Barbuda concerning the liquidation of one of FTX&#8217;s subsidiaries.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u00abThe fact that numerous creditors of the debtors and Bankman-Fried are attempting to seize the Robinhood shares indicates that the assets should be frozen until the court resolves the issues in a manner fair to all stakeholders\u00bb, \u2014 says the exchange in its statement.<\/p>\n<\/blockquote>\n<p>As previously reported, Ellison, along with FTX co-founder Gary Wang, <a href=\"https:\/\/u1f987.com\/en\/news\/caroline-ellison-and-gary-wang-plead-guilty-to-ftx-collapse-related-charges\">pleaded guilty<\/a> to charges related to the collapse of the company.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FTX exchange, which is in bankruptcy proceedings, has petitioned the court to protect a package of 56 million Robinhood Markets shares (worth about $448 million) from creditors.<\/p>\n","protected":false},"author":1,"featured_media":71884,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1236,1234,1211],"class_list":["post-71883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-ftx","tag-robinhood","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"35","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71883","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=71883"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71883\/revisions"}],"predecessor-version":[{"id":71885,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/71883\/revisions\/71885"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/71884"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=71883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=71883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=71883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}