BlockFi sues FTX's Bankman-Fried over shares in Robinhood

BlockFi is asking the investment company of Bankman-Fried to return its shares in Robinhood as collateral that it has agreed to pay in the part of a pledge agreement. New

Recently bankrupt crypto lending platform BlockFi sued Sam Bankman-Fried's holding company, Emergent Fidelity Technologies, for its shares in Robinhood that were pledged more early November.

The lawsuit was filed Nov. 28 in the United States Bankruptcy Court for the District of New Jersey just hours after BlockFi filed for Chapter 11 bankruptcy in the same court.

According to the filing, BlockFi is demanding a revenue guarantee from Emergent as part of a November 9 pledge agreement that saw Emergent agree to a payment schedule with BlockFi that it allegedly failed to pay.

BlockFi names collateral as "including certain common stock".

In May, Bankman-Fried acquired a 7.6% stake in online brokerage firm Robinhood, buying a total of $648 million worth of Robinhood stock through its investment firm Emergent.

Related: FTX Collapse Sparks Curiosity Around Sam Bankman-Fried, Google Data Shows

BlockFi is one of the latest companies to file for bankruptcy following the collapse of crypto exchange FTX.

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