Bahamas-based bankrupt crypto exchange FTX has sought help from the bankruptcy court in the matter of former CEO Sam Bankman-Fried’s 7.6% stake in the popular stock brokerage firm Robinhood.

According to the court filing made by FTX, 56 million shares of Robinhood Markets lie at the center of this conflict. So far, three different parties have claimed ownership of the shares which, according to the stock’s current price, are valued at a whopping $448 million. 

The first party is Sam Bankman-Fried himself, who purchased the shares earlier this year in May. The purchase was made by Emergent Fidelity Technologies, an entity based in Antigua and Barbuda. SBF is the sole director of this entity and is its majority owner. At the time, he paid $648 million for the shares.

The second claimant is bankrupt crypto lender BlockFi. Interestingly, FTX bailed out this firm back in July by extending a $400 million credit line. The third party to lay claim to the Robinhood shares is Yonathan Ben Shimon.

Shimon is an FTX creditor appointed as a receiver in Antigua and has been given the green light to sell the shares in question under the supervision of a court there. 

(By Suzuki Shillsalot)