SBF's Holding Company Emergent Technologies Also Files for Bankruptcy

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.
Source: Cointelegraph - 🏆 562. / 51 Read more »