An offshore investment vehicle that Sam Bankman-Fried used to purchase a stake in Robinhood Markets filed for Chapter 11 in the US to sort out competing claims from FTX’s new managers, bankrupt crypto lender BlockFi and the federal government.

Court-appointed liquidators for Emergent Fidelity Technologies in Antigua and Barbuda placed the investment entity under bankruptcy protection on 3 February following the seizure of its assets by federal prosecutors last month. The Justice Department seized some 55 million shares of Robinhood, worth roughly $590m, and $20.7m in cash held by Emergent last month and continues to hold the assets in a government-controlled account, court papers show.