Golden Finance reported that the bankrupt cryptocurrency exchange FTX has reached an agreement with Emergent Technologies, founded by Sam Bankman-Fried, to acquire Robinhood shares worth more than $600 million. According to a motion filed by FTX CEO John Ray III in the Delaware Bankruptcy Court on September 6, FTX will pay Emergent $14 million to cover administrative expenses associated with its withdrawal of its application for 55 million Robinhood shares and cash. The settlement also provides a way for Emergent to quickly resolve its bankruptcy case in Antigua. FTX said the agreement will help recover more funds for creditors and avoid further litigation costs, adding that this is a key step in maximizing value for creditors in its reorganization plan.
