The latest on FTX bankruptcy settlement, where the crypto exchange agrees to pay $14 million to Emergent Technologies, resolving disputes over $600 million in Robinhood shares.
The debtors of the bankrupt crypto exchange FTX are going to pay $14 million to emigrants to cover administrative expenses. In return, Emergent will lose its right to $600 million in Robinhood shares and cash.
Robinhood shares in millions: FTX bankruptcy settlement, owned by Sam Bankman-Fried, has reached an agreement with the company called Emergent Technologies to assess more than $600 million in Robinhood stocks.
On the same note, in terms of the agreement, FTX will pay Emergent $14 million to cover administrative costs. Instead, the FTX CEO stated in a Sept. 6 filing in Delaware Bankruptcy Court that Emergent will drop its demand for 55 million Robinhood shares and cash.
The settlement also aids Emergent in completing the bankruptcy proceedings and bringing the case to a conclusion in Antigua as soon as possible. Regarding the acquisition of Alameda, FTX stated that it would reduce its exposure to litigation expenses and was headed by Mr Brown regarding its strategic move to help it retrieve more funds for its creditors.
In a statement released on Sept. 6 in support of the deal, Ray said that the deal has not involved any collisions as the agreement had been arrived at from good faith negotiations between the respective parties.
Ermingent purchased approximately 56 million Robinhood shares at $600 million in May 2022 from the Bankman-Fried and Alameda Research firm.
In January 2023, shortly after FTX filed for bankruptcy in November 2022, both FTX and BlockFi, Bankman-Fried, as well as the shell company Emergent, started fighting over who owned the shares. The Justice Department ordered it on January 20, 2023, and it was later repurchased by Robinhood from the Justice Department for a relative price of $606 million on the 1st of September 2023.
Titini and Lim focus on the Alameda two affiliates, Ellio Erwur Fertility Ltd. and Emergent Fidelity Technologies, co-founded by Sam Bankman Fries together with the former FTX co-founder Gary Wang declaring the company file for Chapter 11 in February of 2023.
Bankman-Fried, in particular, was given 25 years of prison for his part in cons that led to the collapse of several large crypto firms like FTX in March.
An argument focused on the motion is scheduled for October 22nd.
#Bitcoin News #FTX Bankruptcy Settlement
