On Thursday night, the lawyers of disgraced crypto founder Sam Bankman-Fried filed an objection in the bankruptcy proceedings of his crypto exchange, FTX, to retain 56 million shares of Robinhood, currently valued at around $450 million.
The shares of Robinhood have become a major point of contention in the Delaware bankruptcy court case. While Bankman-Fried owned that equity, he borrowed hundreds of millions of dollars from FTX’s affiliated trading firm, Alameda Research, to purchase it through a separate entity called Emergent Fidelity Technology, of which he owns 90%, along with FTX cofounder Gary Wang.
