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BlockFi Sues Sam Bankman-Fried over Robinhood Inventory Collaterals

SB Crypto Guru News by SB Crypto Guru News
November 29, 2022
in Crypto Updates
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BlockFi Sues Sam Bankman-Fried over Robinhood Inventory Collaterals


BlockFi, which filed for chapter safety on Monday, is taking Sam Bankman-Fried’s Emergent Constancy Applied sciences to court docket for seizing Robinhood shares (HOOD) pledged to the crypto lending platform as collateral.

Seize your copy of our newest Quarterly Intelligence Report for Q3 2022 earlier than your rivals and keep up-to-date with essential developments within the Foreign exchange and CFD trade!

The lawsuit got here solely hours after BlockFi filed for chapter proceedings and in addition in america Chapter Courtroom for the District of New Jersey, which is overseeing the chapter proceedings.

In response to the court docket paperwork, BlockFi and Emergent Constancy Applied sciences agreed on November 9 to ensure the cost by an unnamed borrower by pledging unnamed frequent shares. A Monetary Instances report revealed that the borrower from BlockFi is Bankman-Fried’s Alameda Analysis, and the pledged shares are of Robinhood.

Bankman-Fried acquired a 7.6 p.c stake in Robinhood earlier this yr for $648 million, with rumors of him buying a controlling stake within the on-line dealer. Nevertheless, it was formally denied, saying there have been “no lively” merger and acquisition talks.

Preserve Studying

The mortgage utilizing HOOD as collateral was taken days earlier than the collapse of FTX. The media report highlighted that Bankman-Fried was to promote his Robinhood stakes even after collateralizing them with BlockFi.

The Shatters from FTX Collapse

BlockFi initially denied any impact on its enterprise after the collapse of FTX. Nevertheless, the platform suspended all actions, together with withdrawals, inside solely a few days, hinting at its publicity to FTX.

The enterprise vulnerabilities of BlockFi had been uncovered on Monday when the corporate filed for chapter, citing “a extreme liquidity crunch” triggered by the failure of FTX. Additional, in early November, Alameda Analysis defaulted on $680 million collateralized loans from BlockFi.

In the meantime, BlockFi additionally acquired a $400 million credit score facility from FTX US final July, giving the alternate proper to amass the lending platform. The phrases of the acquisition deal would depend upon particular efficiency phrases.

BlockFi detailed within the chapter submitting that it has belongings between $1 billion and $10 billion and liabilities in the same vary. The corporate has over 100,000 collectors.

BlockFi, which filed for chapter safety on Monday, is taking Sam Bankman-Fried’s Emergent Constancy Applied sciences to court docket for seizing Robinhood shares (HOOD) pledged to the crypto lending platform as collateral.

The lawsuit got here solely hours after BlockFi filed for chapter proceedings and in addition in america Chapter Courtroom for the District of New Jersey, which is overseeing the chapter proceedings.

Seize your copy of our newest Quarterly Intelligence Report for Q3 2022 earlier than your rivals and keep up-to-date with essential developments within the Foreign exchange and CFD trade!

In response to the court docket paperwork, BlockFi and Emergent Constancy Applied sciences agreed on November 9 to ensure the cost by an unnamed borrower by pledging unnamed frequent shares. A Monetary Instances report revealed that the borrower from BlockFi is Bankman-Fried’s Alameda Analysis, and the pledged shares are of Robinhood.

Bankman-Fried acquired a 7.6 p.c stake in Robinhood earlier this yr for $648 million, with rumors of him buying a controlling stake within the on-line dealer. Nevertheless, it was formally denied, saying there have been “no lively” merger and acquisition talks.

Preserve Studying

The mortgage utilizing HOOD as collateral was taken days earlier than the collapse of FTX. The media report highlighted that Bankman-Fried was to promote his Robinhood stakes even after collateralizing them with BlockFi.

The Shatters from FTX Collapse

BlockFi initially denied any impact on its enterprise after the collapse of FTX. Nevertheless, the platform suspended all actions, together with withdrawals, inside solely a few days, hinting at its publicity to FTX.

The enterprise vulnerabilities of BlockFi had been uncovered on Monday when the corporate filed for chapter, citing “a extreme liquidity crunch” triggered by the failure of FTX. Additional, in early November, Alameda Analysis defaulted on $680 million collateralized loans from BlockFi.

In the meantime, BlockFi additionally acquired a $400 million credit score facility from FTX US final July, giving the alternate proper to amass the lending platform. The phrases of the acquisition deal would depend upon particular efficiency phrases.

BlockFi detailed within the chapter submitting that it has belongings between $1 billion and $10 billion and liabilities in the same vary. The corporate has over 100,000 collectors.



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Tags: BankmanFriedBitcoin NewsBlockFiCollateralsCrypto NewsCrypto UpdatesLatest News on CryptoRobinhoodSamSB Crypto Guru NewsStockSues
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