FTX to pay Emergent $14M in exchange for withdrawing claim on Robinhood shares

Defunct cryptocurrency exchange FTX has reached an agreement with Emergent Fidelity Technologies, a company co-founded by FTX founder Sam Bankman-Fried (SBF) and former executive Gary Wang, over more than $600 million in Robinhood shares, according to Cointelegraph. In a motion filed on Sept. 6 by FTX CEO John Ray III in a Delaware Bankruptcy Court, it was revealed that FTX will give Emergent $14 million to cover administrative costs associated with Emergent dropping its legal claim to 55 million Robinhood shares and associated cash.