BlockFi sued SBF: Alameda defaulted on $680m of loans that ultimately made it insolvent

BlockBeats, November 29, according to the Financial Times, hours after BlockFi filed for bankruptcy, BlockFi, a centralized crypto lender, filed a lawsuit against SBF, the former CEO of FTX, Seeking the forfeiture of $575 million of SBF's shares in Robinhood. BlockFi's exposure to SBF ultimately led to its downfall, and SBF pledged stock assets on Robinhood as collateral earlier this month under the name of Emergent Fidelity Technologies, BlockFi said in court filings. To guarantee the payment obligations of an unnamed borrower. The "unnamed borrower," according to legal documents, was none other than Alameda Research, which owed BlockFi $680 million in early November. In addition, BlockFi's suit names ED&F Man Capital Markets as Emergent's broker, claiming that the broker "refused to transfer the collateral to BlockFi."