{"id":15793,"date":"2022-12-23T18:45:38","date_gmt":"2022-12-23T18:45:38","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ftx-attempts-to-freeze-robinhood-shares-as-creditors-swarm-to-scoop-450m-in-hood-stock-bitcoin-news\/"},"modified":"2022-12-23T18:45:38","modified_gmt":"2022-12-23T18:45:38","slug":"ftx-attempts-to-freeze-robinhood-shares-as-creditors-swarm-to-scoop-450m-in-hood-stock-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ftx-attempts-to-freeze-robinhood-shares-as-creditors-swarm-to-scoop-450m-in-hood-stock-bitcoin-news\/","title":{"rendered":"FTX Attempts to Freeze Robinhood Shares as Creditors Swarm to Scoop $450M in HOOD Stock \u2013 Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Court filings show that debtors from FTX Trading Ltd. and Alameda Research want 56 million shares of Robinhood stock frozen after multiple creditors are seeking access to the funds, and also Sam Bankman-Fried (SBF).<\/strong><\/p>\n

Court Filing Wants to \u2018Enforce an Automatic Stay\u2019 Against Claims Over FTX\u2019s 56 Million Robinhood Shares<\/h2>\n

On Dec. 22, 2022, court documents<\/a> show that debtors from FTX want to freeze 56 million Robinhood shares owned by a subsidiary crafted by SBF called Emergent Fidelity Technologies. The debtors from FTX and Alameda have said that multiple entities are seeking to claim these assets, including the now-defunct crypto lending firm Blockfi. FTX wants the court to enforce an automatic stay against claims for the 56 million Robinhood shares worth roughly $450 million.<\/p>\n

The Class A common stock Robinhood shares are currently custodied at ED&F Man Capital Markets Inc. (EDFM) in New York City. EDFM does not dispute the ownership of the $450 million shares of Robinhood stock. The court filings say that not only is BlockFi Inc. attempting to gain access to the shares, but Yonathan Ben Shimon and SBF are also looking to obtain the stocks. FTX insists to the court that the debtors have \u201cat least a \u2018colorable\u2019 claim to ownership of the Robinhood Shares.\u201d<\/p>\n

\u201cThe fact that multiple prepetition creditors of different Debtors and Mr. Bankman-Fried are all seeking to obtain possession of the Robinhood Shares demonstrates that the asset should be frozen until this Court can resolve the issues in a manner that is fair to all creditors of the Debtors,\u201d the FTX court filing submitted on Thursday evening details. \u201cThe full evidentiary record, once completely developed, will show the Robinhood Shares are conclusively estate property,\u201d FTX added.<\/p>\n

The filing shows that Alameda\u2019s ex-CEO Caroline Ellison allegedly almost sold the Robinhood shares in an over-the-counter (OTC) deal. Further, Ellison later pledged the shares to Blockfi in order to commence a deal which was an attempt to save the troubled crypto lender from defaulting and filing for bankruptcy. The court document shows that Blockfi\u2019s CEO Zac Prince \u201cagreed to Ms. Ellison\u2019s offer to pledge the Robinhood Shares and certain other Alameda assets as security for Alameda\u2019s debts.\u201d<\/p>\n

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$450 Million<\/a>, 56 million shares<\/a>, alameda<\/a>, Alameda Research<\/a>, Blockfi<\/a>, Blockfi Zac Prince<\/a>, Caroline Ellison<\/a>, ftx<\/a>, HOOD<\/a>, HOOD shares<\/a>, OTC deal<\/a>, Robinhood<\/a>, Robinhood shares<\/a>, Robinhood stock<\/a>, Sam Bankman-Fried<\/a>, sbf<\/a>, SBF shares<\/a>, Trouble crypto lender<\/a>, troubled crypto lender<\/a>, Yonathan Ben Shimon<\/a>, zac prince<\/a><\/div>\n<\/div>\n

What do you think about the court filings that show FTX wants to freeze $450 million worth of Robinhood shares? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: Ink Drop \/ Shutterstock.com<\/em><\/p>\n

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