.SBF_FTX is seeking to retain legal control of around $450m in Robinhood shares, despite a counter-claim by his former company FTX_Official.
Sam Bankman-Fried has argued he should retain control of around $450 million in shares of financial trading app Robinhood, disputing a rival claim by the estate of the company he founded and once ran, the bankrupt crypto exchange FTX.
The 56 million shares, in principle owned by Bankman-Fried and co-founder Gary Wang through a holding company called Emergent Fidelity Technologies, are the subject of a complex legal battle that also includes bankrupt crypto lender BlockFi and the U.S. Department of Justice., FTX – now under the management of restructuring expert John Ray – said the shares were only nominally held by Emergent Fidelity, and should be frozen until they can be divided up fairly among FTX creditors.
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