FTX to Pay Emergent $14M in Exchange for Withdrawing Claim on Robinhood Shares

Quick Summary:

FTX defunct cryptocurrency exchange has reached a settlement with Emergent Fidelity Technologies, the company co-founded by FTX founder Sam Bankman-Fried (SBF) and former FTX executive Gary Wang, regarding a legal dispute over more than $600 million in Robinhood shares.

The shares in question were initially held by Emergent Fidelity, a company established by Bankman-Fried and Wang, and have been the focus of multiple legal actions as various parties sought control over the valuable assets.

With Emergent withdrawing its legal claim, FTX now has a clearer path to recover the Robinhood shares, which could be crucial for the exchange’s efforts to maximize asset recovery for its creditors.

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Article Details

Author / Journalist: Sonam Aggarwal

Category: Crypto

Markets: India

Topics: FTX Latest News

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-10 @ 07:06:06 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinworld.co.in

Language: English

Article Length: 950 words

Reading Time: 6 minutes read

Sentences: 37 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © BitcoinWorld

News ID: 22444271

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