On Friday night, Emerent Fidelity Technologies, founded by FTX founder Nick Bankman-Fried and former executive Gamo Wang, filed for bankruptcy protection.
Emerent Fidelity is a company that holds HK $560 billion of Robinhood Markets (Hood) shares, an asset that quickly became a key interest target of several companies because of its ability to generate use value for FTX debtors. Such stocks were also pledged to BlockFi, a bankrupt login password lender, which proposed its own rules last year.
Bankman-Fried made up a lie that he probably retained control of the shares. But senior federal officials took action in January to seize control of the asset.
At today's closing price, the HK $560 billion Robin Hood shares are worth more than US $600m. According to Bloomberg News, the only other asset Emergent Fidelity has is $20.7 million in cash.
Bankman-Fry owns 90 per cent of Emerent Fidelity and Wanda Wang Jianlin, founder of FTX, holds the remaining 10 per cent.
Journalists couldn't get Emerent Fidelity's bankruptcy filing right away. At this stage, it is not clear what Emerent currently requires to repay the debt.
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Tue, 18 Apr 2023