Cryptocurrency lending platform BlockFi, which recently filed for bankruptcy, has filed a lawsuit against Emergent Fidelity Technologies, a company owned by Sam Bankman-Fried, to demand that it return the Robinhood shares it was promised as collateral, the Financial Times has reported.
BlockFi filed for bankruptcy in the United States yesterday. On the same day, the company filed a complaint against Emergent Fidelity Technologies, demanding that the collateral held by broker ED&F Man Capital Markets be transferred to the platform.
According to the complaint:
«Emergent breached its obligations under the contract despite a written notice to that effect. BlockFi is entitled to exercise its rights of first transfer of collateral.»
According to the complaint, on November 9, Emergent Fidelity Technologies entered into an agreement with the platform to guarantee payment from an unidentified borrower. «Common stock» was used as collateral.
According to the FT, we are talking about Alameda Research.