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Sam Bankman-Fried’s Emergent Fidelity Technologies Files for Bankruptcy

Emergent Fidelity Technologies, a firm co-founded by FTX founder Sam Bankman-Fried and former executive Gary Wang, filed for Chapter 11 bankruptcy protection late Friday.

Emergent Fidelity was the company which held 56 million shares of Robinhood Markets (HOOD) stock, an asset that quickly became a subject of key interest among several companies for the value it could bring FTX creditors. The shares were also pledged as collateral to bankrupt crypto lender BlockFi, which placed its own claim last year.

Bankman-Fried has argued he should retain control of the shares. Nevertheless, federal officials moved to seize control of the assets in January.

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