Sam Bankman-Fried's holding company files for bankruptcy

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Sam Bankman-Fried's holding company files for bankruptcy

Emergent Fidelity Technologies, a Sam Bankman-fried holding company based in Antigua and Barbuda, has filed for bankruptcy protection.
Emergent Fidelity Technologies claimed ownership of the shares and the $20 million as the only known assets previously held by brokerage firm Marex Capital Markets until seized by the Justice Department.

According to Barkhouse, Bankman-Fried owns 90% of the company, while Ftx co-founder Gary Wang owns the other 10%. Criminal proceedings against Bankman-Fried are scheduled to begin in October, while Wang has already pleaded guilty to fraud.

The company has filed a voluntary Chapter 11 bankruptcy filing in the United States Bankruptcy Court for the District of Delaware. The firm was previously the subject of a lawsuit filed in November by crypto lending firm BlockFi regarding the status of approximately 55 million shares of Robinhood.

Sam Bankman-Fried's holding company files for bankruptcy

Robinhood's actions have been a point of contention between parties, including BlockFi, FTX lender Yonathan Ben Shimon, and Bankman-Fried himself. On January 6, the Justice Department announced that it had seized the shares and approximately $20 million in a lawsuit against FTX and its executives.

According to a statement by Angela Barkhouse, one of the interim joint liquidators in the case, Emergent Fidelity Technologies has filed for Chapter 11 in the same court as FTX to pursue a form of joint administration between the two bankruptcies.

She said: "The duties of interim liquidators are directed towards the debtor's creditors, whoever they may be. Given the many individuals purporting to be creditors or outright owners of [Robinhood stock] in US proceedings, JPL believes the Chapter 11 protection is the only practical way for the Debtor to defend itself, its Assets and the interests of its creditors in the United States." The FTX co-founder's donations have affected both Republican and Democratic politicians, going beyond the boundaries of American political parties.

However, it seems that FTX has decided to request the return of these funds because, after the bankruptcy of last November, all the parties that had received them had quickly distanced themselves from the exchange, criticizing it for its fiscal conduct and reinvesting what they received in the form of donations to charity.

and their personal interests, perhaps even in sectors not strictly related to the cryptocurrency sector. For the moment, however, it is not clear who received donations from the ex-CEO of FTX and what were the positions that Sam Bankman-Fried intended to promote with them.

Sam Bankman-fried