SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer 'Possibility of Economic Loss'

Disgraced FTX Grënner Sam Bankman-Fried (SBF) probéiert Zougang zu seng Robinhood Aktien zréckzekommen, am Wäert vun iwwer $460 Milliounen. De fréiere CEO vum zesummegefallene Krypto-Austausch huet behaapt datt hien se brauch fir "fir seng kriminell Verteidegung ze bezuelen", betount datt ouni si d'Konsequenze eescht an "irreparabel" wieren. FTX Clienten, op der anerer Säit, "konfrontéieren nëmmen d'Méiglechkeet vu wirtschaftleche Verloscht", seet de SBF Geriichtsdossier.

Disputes Over Robinhood Shares

FTX co-founder and former CEO Sam Bankman-Fried (SBF) is trying to regain control of his Robinhood shares that are currently disputed by several parties, including SBF himself, the new FTX management, and bankrupt crypto lender Blockfi.

Bankman-Fried has asked the bankruptcy court to deny the motion to enforce the automatic stay (stay motion) filed by the new FTX management on 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), worth more than $460 million, a Thursday court filing shows.

The court document details that the former FTX chief “requests that the stay motion be denied” because the new FTX management has “failed to carry their heavy burden of establishing that such an extraordinary remedy is warranted.” Moreover, the stay motion should be “moot” since the U.S. Department of Justice (DOJ) has obtained a warrant to seize the Robinhood shares, the court filing adds, noting that the new FTX management has not withdrawn the stay motion, prompting Bankman-Fried to file an objection.

The court filing further explains that SBF “requires some of these funds to pay for his criminal defense,” claiming that a “financial inability to defend oneself has serious consequences, and is irreparable.” The filing continues:

Conversely, the FTX debtors face only the possibility of economic loss.

Bankman-Fried argued that the Robinhood shares in dispute are not owned by Alameda Research or any other entities implicated in the FTX bankruptcy. Instead, they are owned by Emergent Fidelity Technology Ltd., a company that is 90% owned by him. According to the court filing, Bankman-Fried and Gary Wang, another FTX executive, borrowed the funds from Alameda for Emergent to purchase the Robinhood shares.

Crypto Community Outraged by SBF’s Statements

Many people on social media are outraged by Bankman-Fried’s claim that he is facing greater harm than FTX customers who only suffer “the possibility of economic loss.”

Eng Persoun twittert huet: “SBF gives new meaning to chutzpah. Arguing in court that the balance of equities weighs in favor of him selling HOOD to pay his own legal fees because prison is a priceless harm and FTX creditors will only suffer economic loss.” Another opgin:

This is one of the most disgusting lines I’ve ever read. Associating your name with a claim that debtors’ economic loss isn’t a matter of life and death for some people is heartless and out of touch. What happened to ‘Nothing matters more than making customers whole’?

Tags an dëser Geschicht

Alameda Fuerschung, DOJ, FTX Clienten, FTX Scholden, FTX Benotzer, D'Aktien vun HOOD, Robinhood deelt, De Sam Bankman-Fried, Sam Bankman-Fried Robinhood shares, sbf, SBF Robinhood shares

What do you think about Sam Bankman-Fried claiming that he needs the Robinhood shares more than FTX customers who only face “the possibility of economic loss”? Let us know in the comments section below.

Kevin Helms

E Student vun der éisträichescher Economie, de Kevin huet Bitcoin am 2011 fonnt an ass zënterhier en Evangelist. Seng Interesse leien an der Bitcoin Sécherheet, Open-Source Systemer, Netzwierkungseffekter an der Kräizung tëscht Wirtschaft a Kryptografie.