SBF Fights for Robinhood Shares — Says He Needs Them More Than FTX Customers Who Only Suffer ‘Possibility of Economic Loss’ – Featured Bitcoin News

Disgraced FTX founder Sam Bankman-Fried (SBF) is making an attempt to regain entry to his Robinhood shares, price over $460 million. The previous CEO of the collapsed crypto trade claimed that he wants them to “pay for his criminal defense,” stressing that with out them the results can be severe and “irreparable.” FTX clients, however, “face only the possibility of economic loss,” SBF’s courtroom submitting states.

Disputes Over Robinhood Shares

FTX co-founder and former CEO Sam Bankman-Fried (SBF) is attempting to regain management of his Robinhood shares which are presently disputed by a number of events, together with SBF himself, the brand new FTX administration, and bankrupt crypto lender Blockfi.

Bankman-Fried has requested the chapter courtroom to disclaim the movement to implement the automated keep (keep movement) filed by the brand new FTX administration on 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), price greater than $460 million, a Thursday courtroom submitting reveals.

The courtroom doc particulars that the previous FTX chief “requests that the stay motion be denied” as a result of the brand new FTX administration has “failed to carry their heavy burden of establishing that such an extraordinary remedy is warranted.” Moreover, the keep movement needs to be “moot” for the reason that U.S. Division of Justice (DOJ) has obtained a warrant to grab the Robinhood shares, the courtroom submitting provides, noting that the brand new FTX administration has not withdrawn the keep movement, prompting Bankman-Fried to file an objection.

The courtroom submitting additional 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 submitting continues:

Conversely, the FTX debtors face solely the potential for financial loss.

Bankman-Fried argued that the Robinhood shares in dispute will not be owned by Alameda Analysis or every other entities implicated within the FTX chapter. As a substitute, they’re owned by Emergent Constancy Expertise Ltd., an organization that’s 90% owned by him. In keeping with the courtroom submitting, Bankman-Fried and Gary Wang, one other FTX government, borrowed the funds from Alameda for Emergent to buy the Robinhood shares.

Crypto Neighborhood Outraged by SBF’s Statements

Many individuals on social media are outraged by Bankman-Fried’s declare that he’s going through higher hurt than FTX clients who solely undergo “the possibility of economic loss.”

One particular person tweeted: “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.” One other opined:

This is likely one of the most disgusting strains I’ve ever learn. Associating your identify with a declare that debtors’ financial loss isn’t a matter of life and loss of life for some individuals is heartless and out of contact. What occurred to ‘Nothing matters more than making customers whole’?

Tags on this story

Alameda Analysis, DOJ, FTX clients, FTX debtors, FTX customers, HOOD shares, Robinhood shares, Sam Bankman-Fried, Sam Bankman-Fried Robinhood shares, sbf, SBF Robinhood shares

What do you consider Sam Bankman-Fried claiming that he wants the Robinhood shares greater than FTX clients who solely face “the possibility of economic loss”? Tell us within the feedback part under.

Kevin Helms

A pupil of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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