FTX lawyers ask court to keep 56M HOOD shares frozen

The lawyers from the FTX exchange are trying to slow down the Robinhood shares ownership dispute efforts of three parties.

FTX was a popular crypto platform but misuse of the funds resulted in the downfall of this platform along with almost all of its affiliated companies. Sam Bankman-Fried (SBF) was the key player, who misused FTX customers’ funds blindly for personal benefits like buying private jets, properties & expensive gifts for popular celebrities.

On 22 Dec, The lawyers from FTX exchange filed a motion in the court & urged to keep the 56 million Robinhood shares (HOOD) frozen so that no one can take over the control of these shares.
At present, $450 million worth of HOOD shares are owned by Emergent Fidelity Technologies Ltd., former FTX chief Sam Bankman-Fried’s holding company in Antigua and Barbuda.

After the bankruptcy filing by FTX, bankrupt crypto lender BlockFi, FTX creditor Yonathan Ben Shimon and Bankman-Fried filed a motion in the court to gain control of these shares. In short, a type of dispute has been started for the ownership of Robinhood shares, as a part to revive their own business which collapsed because of FTX.

Experts believe that this dispute will be over with systematicl distribution of HOOD shares among the multiple parties, according to what they lost because of their corresponding exposure to the services of the FTX exchange.

SBF, the mastermind behind FTX fraud, appeared in Manhattan court on 22 Dec and also secured bail on behalf of $250 million bond collateral.

FTX token

FTX Token (FTT) is a native token on the FTX exchange, which was the main funding tool for FTX businesses. One week before the bankruptcy filing, FTT plunged badly & now the current trade price of FTT is $1.

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