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FTX Asks Court To Keep US$450 Million Robinhood Shares Frozen

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Failed cryptocurrency exchange FTX trading Ltd. asked a bankruptcy court for US $450m worth of Robinhood shares to be frozen. 

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This is as the three parties fight for ownership.

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FTX lawyers claimed in a Thursday court filing that Emergent Fidelity Technologies Ltd owned approximately 56 million shares in the trading app Robinhood under dispute.

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Emergent Fidelity Technologies Ltd is a former FTX chief Sam Bankman-Fried's holding company in Antigua and Barbuda.

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Bankman-Fried and Yonathan Ben Shimon, an FTX creditor, filed court proceedings to try to take control of the shares.

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According to the filing, the assets are frozen at ED&F Man Capital Markets Inc. in New York City.

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On Thursday, Bankman-Fried appeared in Manhattan Court for the first time. 

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He was released on a bail package of US $250million.

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Nicolas Roos, the prosecutor, called this the “largest ever pretrial bond.”

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At FTX’s first bankruptcy hearing last month, an attorney for the company claimed that 

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it was being run as a "personal fiefdom of Bankman-Fried" and that a “substantial amount of assets” had been either stolen or missing.

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