SBF fights for Robinhood shares-says he needs more than FTX customers who only suffer from the possibility of an economic loss-featured

The folded FTX founder Sam Bankman-Fried (SBF) tries to regain access to his Robinhood shares worth over $ 460 million. The former CEO of the collapsed crypto exchange claimed that he needed them to "pay his defense", and emphasized that the consequences were serious and "irreparable" without them. FTX customers, on the other hand, "are the possibility of an economic loss", says the court files of Sbf.

disputes about Robinhood shares

ftx co-founder and former CEO Sam Bankman-Fried (SBF) tries to regain control of his Robinhood shares, which are currently contested by several parties, including SBF itself, the new FTX management and bankrot crypto loan blockfi.

Bankman-Fried has asked the insolvency court to reject the application for enforcement of the automatic suspension (suspension application), which was submitted by the new FTX management for 56.273.269 shares of Robinhood Markets Inc. (NASDAQ: Hood) worth more than $ 460 million, a dish from Thursday submission.

The court document shows that the former FTX boss "requested the rejection of the application for suspension" because the new FTX management was "unable to carry its heavy burden, to prove that such an extraordinary appeal is justified". In addition, the suspension application should be "controversial", since the US Justice Ministry (DOJ) has obtained an arrest warrant The Robinhood shares confiscated adds the court files and finds that the new FTX management has not withdrawn the exposure application, which causes Bankman-Fried to object.

The court file further explains that SBF "needs some of these funds to pay for his criminal defense", and claims that "a financial inability to defend yourself has serious consequences and is irreparable". The submission continues:

conversely, the FTX debtors are only faced with the possibility of an economic loss.

Bankman-Fried argued that the controversial Robinhood shares were not owned by Alameda Research or other companies involved in the FTX bankruptcy. Instead, they belong to Emergent Fidelity Technology Ltd., a company that is 90 % of its possession. According to court files, Bankman-Fried and Gary Wang, another FTX manager, have borrowed the funds from Alameda for Emergent to buy the Robinhood shares.

crypto community outraged about statements by SBF

Many people on social media are outraged by Bankman-Fried's claim that he threatens greater damage than FTX customers who only suffer "possibly economic losses".

a person tweeted : "SBF gives a new meaning. Paying legal fees because prison is an unaffordable damage and FTX believers will only suffer economic losses.

This is one of the most disgusting lines I've ever read. In connection with the claim that the economic loss of debtors is not a question of life and death for some people is heartless and insensitive. What is "nothing more important than making customers a whole"?

What do you think that Sam Bankman-Fried claims that he needs the Robinhood shares more than FTX customers who only threatens "the possibility of an economic loss"? Let us know in the comment area below.

Kevin Helms

As a student of Austrian economics, Kevin Bitcoin discovered in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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