The latest company in relation to the disgraced FTX founder to file for bankruptcy is the holding firm owned by him and Gary Wang – Emergent Fidelity Technologies.

It’s headquartered in Antigua and Barbuda and reportedly had just $20 million in cash and no other assets.

The filings for Chapter 11 were submitted late on Friday in the United States Bankruptcy Court for the District of Delaware.
According to Bloomberg, the company, co-founded by Sam Bankman-Fried and Gary Wang, had $20.7 million in cash but no other assets. The former had a 90% share of the firm, while the latter had the remaining 10%.

“Given the many parties claiming to be creditors or outright owners of the debtor’s assets in proceedings in the US, the JPLs believe that Chapter 11 protection is the only practical way to empower the debtor to defend itself, the assets, and its creditors’ interests in the US.” – said one of the liquidators – Angela Barkhouse.

After reportedly securing a loan from Alameda, SBF used Emergent Fidelity Technologies to acquire almost 56 million shares of the retail trading app – Robinhood. These stocks came under the spotlight after FTX filed for bankruptcy as several parties issued claims for them.
Aside from SBF, creditor Yonathan Ben Shimon, and the FTX-linked bankrupt crypto lender BlockFi also placed their own claims.
The US Department of Justice seized the shares at the start of January, currently worth almost $600 million, and said at the time:

“The Government expects that the evidence will show that Bankman-Fried defrauded FTX customers by misappropriating their funds for his personal use, including to invest for his own account, to make undisclosed venture investments.”

The post SBF’s Holding Company Emergent Technologies Also Files for Bankruptcy appeared first on CryptoPotato.

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Filed under: Bitcoin - @ February 5, 2023 12:41 pm