The commission–free trade provider Robinhood is amidst the whirl of disputes all around but now the tide is likely to go down for some time. BlockFi and FTX were claiming the shares earlier that now seems to get handed over to a neutral broker or to put within an escrow account. The authority to determine the rightful ownership of these assets would still belong to the courts.
Robinhood Markets’ 56 million shares worth about 450 million USD have been frozen for now. Emergent Fidelity Technologies, another holding company under FTX founder Sam Bankman-Fried’s ownership and the broker firm Marex Capital Markets was having the holdings.
The brokerage firm’s lawyer stated that it would have the shares under its holding till the time of issuance of a court order.
Crypto lender BlockFi recently went on to file lawsuit against Bankman-Fried claiming that Robinhood shares were put as collateral against the loan of over 600 million USD which the lending firm avail to his trading f
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