- Emergent Fidelity Technologies declared bankruptcy
- Sam Bankman-Fried owns the majority of Emergent Fidelity
- Emergent Fidelity was the part owner of Robinhood Markets (HOOD) stock shares
Late Friday, Emergent Fidelity Technologies declared bankruptcy, which was co-founded by FTX founder Sam Bankman-Fried (SBF) and co-founder Gary Wang.
Emergent Fidelity was the owner of 56 million Robinhood Markets (HOOD) stock shares, an asset that swiftly drew the attention of a number of corporations because of the value it may provide to FTX’s creditors. The shares were also pledged as security to the bankrupt cryptocurrency lender BlockFi, which made its own claim on the shares in 2017.
At today’s closing price, the value of these 56 million shares of Robinhood exceeds $600 million. Bloomberg said that $20.7 million in cash was the only other asset Emergent Fidelity had.
Emergent Fidelity is 90% owned by Sam Bankman-Fried, with the remaining 10% held by FTX co-founder Wang. However, federal officials proceeded in January to seize possession of the assets. Bankman-Fried has contended that he should maintain control of the shares.
Inability to promptly receive Emergent Fidelity’s bankruptcy filing. It is unknown at this moment which debts Emergent is claiming.
In related news, the true (and scary) purpose of the Aptos pump was revealed. South Koreans are persuaded to assume that having Aptos tokens is equivalent to future apartment ownership. As a result, many South Koreans believe that APT’s token is dirt inexpensive compared to purchasing an apartment property with cash.
At the time of writing, Aptos attained its all-time high (ATH) price of $19.92 nine days ago. The majority of the price increase originated from South Korean exchanges such as Upbit and Bithumb.
