Sam Bankman-Fried (SBF) says he needs his Robinhood shares more than FTX customers who 'face only the possibility of economic loss.' $HOOD cryptocurrency
SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer 'Possibility of Economic Loss'
Disgraced FTX founder Sam Bankman-Fried is attempting to regain access to his Robinhood shares, worth over $460 million. The former CEO of the collapsed crypto exchange claimed that he needs them to “pay for his criminal defense,” stressing that without them the consequences would be serious and “irreparable.” FTX customers, on the other hand, “face only the possibility of economic loss,” SBF’s court filing states.
Bankman-Fried has asked the bankruptcy court to deny the motion to enforce the automatic stay filed by the new FTX management on 56,273,269 shares of Robinhood Markets Inc. , 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U.S. Department of Justice has obtained a warrant to, the court filing adds, noting that the new FTX management has not withdrawn the stay motion, prompting Bankman-Fried to file an objection.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: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.
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