Disgraced ex-FTX CEO Sam Bankman-Fried (SBF) is attempting to take back control of his Robinhood Shares valued at over $460 million The The former head of the dissolved crypto exchange stated that he needs them to survive. “pay for his legal defense,” It is important to stress that they are essential in order for him to avoid severe consequences. “irreparable.” FTX customers, however, are another story. “face only the possibility of financial loss,” The SBF court filing states.
Disputes Over Robinhood Shares
Former CEO of FTX and co-founder of FTX Sam Bankman-Fried (SBF), is trying to regain control of his Robinhood Shares currently contested by different parties, including the SBF and FTX’s new management as well as the lender. Bankrupt cryptocurrency company Blockfi.
Bankman-Fried has asked the bankruptcy court not to grant the motion to enforce an automatic stay (motions to stay) filed on behalf of FTX’s new management on 56 273,269 shares Robinhood Markets Inc. (NasdaqHOOD) is a court that has a total value of more than $460 millions. Thursday. Presentation
The Court document details the former FTX CEO’s “requests that the motion to stay be denied” Because the new FTX Management “has not met its heavy burden of establishing that such an extraordinary appeal is justified.” In Additionally, the motion to remain should be “moot” Since the US Department Of Justice (DOJ), received an order to forfeit Robinhood’s stock, the court filing says, noting that FTX’s new management have not withdrawn the stay, prompting Bankman-Fried to file an objection.
The Court filing further explains that SBF “requires some of these funds to pay for his legal defense,” Claim that it is “financial inability to defend himself has serious consequences and is irreparable.” The Presentation continues:
On Contrary to popular belief FTX debtors are only at risk of economic losses.
Bankman-Fried argued that the contested Robinhood The shares of a company are not theirs. Alameda Research any other entity that was involved in the FTX bankruptcy. InsteadThey are owned by Emergent Fidelity Technology LtdHe owns 90% of. According To the court filing Bankman-Fried And Gary WangAnother FTX executive,, borrowed Alameda’s For funds Emergent To buy the Robinhood shares.
Crypto Community Responds to SBF Statements
Many Social media users are outraged Bankman-Fried’s It claims that it suffers more damage than FTX customers who are only suffering “the possibility of economic loss.”
A person tweeted: “SBF gives a new meaning to the chutzpah. Arguing in court that the balance of the shares weighs in his favor by selling HOOD to pay his own legal fees because prison is priceless damage and FTX creditors will only suffer financial losses.” Other opined:
This This is one of the most outrageous statements I’ve ever read. Associating His claim that financial loss to debtors is not an issue of life or death for some people is reckless and misplaced. What It was a great experience.Nothing Customers are more important than just feeling satisfied’
What What do you think? Sam Bankman-Fried He needs to be given Robinhood More shares than FTX customers who are only facing “the possibility of financial loss”? Let Let us know what you think in the comments section.
