{"id":531351,"date":"2022-12-23T18:47:13","date_gmt":"2022-12-23T15:47:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sam-bankman-fried-fighting-to-keep-450m-robinhood-stake-in\/"},"modified":"2022-12-23T18:47:13","modified_gmt":"2022-12-23T15:47:13","slug":"sam-bankman-fried-fighting-to-keep-450m-robinhood-stake-in","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sam-bankman-fried-fighting-to-keep-450m-robinhood-stake-in\/","title":{"rendered":"#Sam Bankman-Fried fighting to keep $450M Robinhood stake in"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a387404e40f4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a387404e40f4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/sam-bankman-fried-fighting-to-keep-450m-robinhood-stake-in\/#%E2%80%9CSam_Bankman-Fried_fighting_to_keep_450M_Robinhood_stake_in%E2%80%9D\" >&#8220;Sam Bankman-Fried fighting to keep $450M Robinhood stake in&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CSam_Bankman-Fried_fighting_to_keep_450M_Robinhood_stake_in%E2%80%9D\"><\/span>&#8220;Sam Bankman-Fried fighting to keep $450M Robinhood stake in&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>Sam Bankman-Fried is battling to keep a $450 million stake in retail stock Robinhood that FTX\u2019s new boss is trying to claw back from the indicted crypto huckster, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/storage.courtlistener.com\/recap\/gov.uscourts.deb.188450\/gov.uscourts.deb.188450.291.0.pdf\">according to court records.<\/a><\/p>\n<p>The ousted FTX founder claims he is entitled to the assets listed under Emergent Fidelity Technologies, a holding company Bankman-Fried registered in Antigua.<\/p>\n<p>The filings released Thursday in a Delaware bankruptcy court show Bankman-Fried is the sole director and majority stakeholder of Emergent.<\/p>\n<p>However, new FTX CEO John J. Ray III \u2014 who is seeking to regain billions in investor funds that Bankman-Fried allegedly swindled from them to prop up his hedge fund Alameda Research \u2014 argued the stake in Robinhood belongs to FTX, according to the legal filing.<\/p>\n<p>The matter is complicated further by the fact that two other creditors \u2014 the crypto lending firm BlockFi and FTX creditor Yonatan Ben Shimon \u2014 are also claiming ownership of the Robinhood stake.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/john-ray-221223-81.jpg?w=1024\" alt=\"John J. Ray III was installed as CEO of FTX after the company was placed in Chapter 11 bankruptcy.\" class=\"wp-image-25114621\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/john-ray-221223-81.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/john-ray-221223-81.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/john-ray-221223-81.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>John J. Ray III was installed as CEO of FTX after the company was placed in Chapter 11 bankruptcy.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>In May, Emergent and Bankman-Fried revealed that it owned a 7.6% stake in Robinhood. According to SEC filings, Bankman-Fried paid $648 million for more than 56.3 million shares in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>.<\/p>\n<p>On Friday, shares of Robinhood were trading at $8, putting the stake\u2019s worth at $447 million \u2014 a $200 million loss.<\/p>\n<p>FTX, which has been placed under the stewardship of Ray while being administered under Chapter 11 bankruptcy protection, seeks to freeze any activity in the shares while the legal battle plays out.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"628\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/robinhood-app3.jpg?w=1024\" alt=\"Bankman-Fried's Antigua-based holding company bought a 7.6% stake in Robinhood earlier this year.\" class=\"wp-image-25114624\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/robinhood-app3.jpg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/robinhood-app3.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/robinhood-app3.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Bankman-Fried\u2019s Antigua-based holding company bought a 7.6% stake in Robinhood earlier this year.<\/figcaption><figcaption><span class=\"credit\">Robin App<\/span><\/figcaption><\/figure>\n<p>\u201cThe debtors are conducting an investigation into the business affairs of the FTX group,\u201d FTX said in the filing. <\/p>\n<p>\u201cThis investigation to date indicates that the Robinhood shares are property of the debtors\u2019 estates, held only nominally by Emergent.\u201d<\/p>\n<p>Last month, BlockFi filed suit against Bankman-Fried, claiming that Alameda Research promised to secure $1 billion in loans that included the Robinhood stake.<\/p>\n<p>BlockFi alleged that Caroline Ellison, Bankman-Fried\u2019s on-again, off-again girlfriend who ran Alameda Research, made the pledge.<\/p>\n<p>But FTX, which is contesting BlockFi\u2019s claim, said Ellison had no standing to make such a promise.<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"950\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/yonatan-ben-shimon.jpeg?w=1024\" alt=\"Yonatan Ben Shimon, a fintech executive and FTX creditor, claims he is the rightful owner of the Robinhood stake.\" class=\"wp-image-25114628\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/yonatan-ben-shimon.jpeg?quality=75&amp;strip=all&amp;w=1536 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/yonatan-ben-shimon.jpeg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/yonatan-ben-shimon.jpeg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Yonatan Ben Shimon, a fintech executive and FTX creditor, claims he is the rightful owner of the Robinhood stake.<\/figcaption><figcaption><span class=\"credit\">virtualhumans.org<\/span><\/figcaption><\/figure>\n<p>\u201cThe Robinhood Shares were included in these pledged assets by Alameda\u2019s then-CEO, despite the fact that the Robinhood Shares were nominally held by Emergent, because Alameda had then, and continues to have, a property interest in the Robinhood Shares,\u201d FTX said in its court filing.<\/p>\n<p>Robinhood CEO Vlad Tenev told CNBC earlier this month that he expects the stake in his company to be tied up in bankruptcy proceedings for the foreseeable future.<\/p>\n<p>\u201cI\u2019m not surprised that it\u2019s one of the more valuable assets they have on their balance sheet, because it is public company\u2019s stock,\u201d <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/12\/06\/sam-bankman-frieds-robinhood-stake-is-tied-up-in-ftx-bankruptcy-proceedings-ceo-tenev-says.html\">Tenev told CNBC.<\/a><\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/vlad-tenev-221223-79.jpg?w=1024\" alt=\"Robinhood CEO Vlad Tenev said that ownership of the stake in his company will be determined in bankruptcy proceedings.\" class=\"wp-image-25114630\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/vlad-tenev-221223-79.jpg?quality=75&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/vlad-tenev-221223-79.jpg?quality=75&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/vlad-tenev-221223-79.jpg?quality=75&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Robinhood CEO Vlad Tenev said that ownership of the stake in his company will be determined in bankruptcy proceedings.<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>\u00a0\u201cWe\u2019re just watching this unfold. And it\u2019s going to be locked up in bankruptcy proceedings \u2014 most likely for some time \u2014 and so we\u2019re just kind of seeing how that plays out.\u201d<\/p>\n<p>Bankman-Fried was freed on $250 million bond on Thursday. He awaits trial on federal charges including wire fraud and securities fraud.<\/p>\n<p>Ellison and FTX co-founder Gary Wang have pledged guilty to federal charges of fraud. They have indicated they will cooperate with investigators. The have both been released on $250,000 bail.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The ousted FTX founder claims he is entitled to the assets listed under Emergent&#8230;<\/p>\n","protected":false},"author":1,"featured_media":531352,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/12\/comp-1-4.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[135234,86706,89897,137636,76127,71006],"class_list":["post-531351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ftx","tag-robinhood","tag-sam-bankman-fried","tag-12-23-22","tag-cryptocurrency","tag-fraud"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531351","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=531351"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/531351\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/531352"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=531351"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=531351"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=531351"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}