The latest company in relation to the disgraced FTX founder to file for bankruptcy is the holding firm owned by him and Gary Wang – Emergent Fidelity Technologies.
The filings for Chapter 11 were submitted late on Friday in the United States Bankruptcy Court for the District of Delaware.to Bloomberg, the company, co-founded by Sam Bankman-Fried and Gary Wang, had $20.7 million in cash but no other assets. The former had a 90% share of the firm, while the latter had the remaining 10%.
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Sam Bankman-Fried's holding company files for bankruptcyThe holding company, Emergent Fidelity Technologies, said the bankruptcy filing was 'the only practical way' to protect its assets: 55 million Robinhood shares and $20 million cash. Emergent Fidelity Technologies submitted a voluntary petition to declare bankruptcy under a Chapter 11 filing for the District of Delaware. The company was already the target of a lawsuit filed by crypto lending firm BlockFi regarding roughly 55 million shares of Robinhood.
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