Why BlockFi Sues Former CEO of FTX Sam Bankman-Fried?!

in #crypto • 2 years ago

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The downward momentum caused by the fall of the FTX empire appears to be becoming progressively harmful. FTX was a $32 billion corporation before declaring bankruptcy on November 11 because to claims of a liquidity crisis, which caused customers to halt withdrawals. Several platforms were significantly damaged, including FTX-acquired firm BlockFi.

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Read BlockFis bankruptcy reported by WikiFX: https://www.wikifx.com/en/newsdetail/202211299604347623.html.

It was announced that the platform was suing FTX's former CEO Sam Bankman-Fried after filing for Chapter 11 bankruptcy, specifically his holding company Emergent Fidelity Technologies.

BlockFi and Emergent Fidelity Technologies agreed on November 9 to guarantee the payment of an unnamed borrower by pledging anonymous common stocks, according to court records. According to the Financial Times, the borrower from BlockFi is Bankman-Alameda Fried's Research, and the stocks pledged are Robinhood (HOOD).

Bankman-Fried paid $648 million for a 7.6 percent investment in...For more details: https://wikifx.com/en/?source=emily

#cryptocurrency #cryptoscam #bankrupt
2 years ago in #crypto by
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