Yesterday, BlockFi announced that they've filed for bankruptcy.
Today, they've sued Sam Bankman-Fried in order to seize his $575,000,000 in Robinhood.
Why?
Read carefully because you're in for a crazy ride.
FTX took out loans from BlockFi, they used these funds and lent them out to Alameda Research. Alameda then lent out that capital to Emergent which is a company owned by SBF which he used to purchase his stake in Robinhood.
Now guess what collateral SBF used to secure his loan that was also used to bailout BlockFi itself? Yes, you guessed correctly, he used his Robinhood stake (which technically was bought by the loan given by BlockFi to FTX).
You'll probably need to read that twice to get the financial bullsh*tting used here.
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