BlockFi requests the court to transfer the disputed 56 million shares of Robinhood stock related to FTX to a neutral account

2022-12-29 21:39:33
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ChainCatcher news, according to The Wall Street Journal, the judge overseeing the BlockFi bankruptcy case has agreed to review a request made by BlockFi that could transfer the disputed 56 million shares of Robinhood to a neutral account, but the judge has not yet made a final decision, which will be ruled on at a court hearing in January 2023. If BlockFi's request is successful, these shares will be held by a brokerage or custodial account until the court proceedings determine who actually owns the disputed shares.

It is reported that BlockFi believes they should own the shares of Robinhood because they previously had transactions with FTX and Alameda Research, and before the collapse of FTX, Alameda Research had already pledged the shares to BlockFi as collateral for a loan. Since the bankruptcy proceedings of FTX began on November 28, BlockFi has been trying to obtain and sell these shares but has not yet received approval.

Previously, ChainCatcher reported that BlockFi filed a lawsuit against SBF's holding company Emergent Fidelity Technologies on November 29, seeking to recover the collateral. The lawsuit states that Emergent Fidelity, as the custodian under the pledge agreement, holds the collateral belonging to BlockFi, and Emergent failed to fulfill its obligations under the pledge agreement to timely deliver the collateral to BlockFi. (source link)

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