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

Disgraced FTX laminitis Sam Bankman-Fried (SBF) is attempting to regain entree to his Robinhood shares, worthy implicit $460 million. The erstwhile CEO of the collapsed crypto speech claimed that helium needs them to “pay for his transgression defense,” stressing that without them the consequences would beryllium superior and “irreparable.” FTX customers, connected the different hand, “face lone the anticipation of economical loss,” SBF’s tribunal filing states.

Disputes Over Robinhood Shares

FTX co-founder and erstwhile CEO Sam Bankman-Fried (SBF) is trying to regain power of his Robinhood shares that are presently disputed by respective parties, including SBF himself, the caller FTX management, and bankrupt crypto lender Blockfi.

Bankman-Fried has asked the bankruptcy tribunal to contradict the question to enforce the automatic enactment (stay motion) filed by the caller FTX absorption connected 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), worthy much than $460 million, a Thursday tribunal filing shows.

The tribunal papers details that the erstwhile FTX main “requests that the enactment question beryllium denied” due to the fact that the caller FTX absorption has “failed to transportation their dense load of establishing that specified an bonzer remedy is warranted.” Moreover, the enactment question should beryllium “moot” since the U.S. Department of Justice (DOJ) has obtained a warrant to seize the Robinhood shares, the tribunal filing adds, noting that the caller FTX absorption has not withdrawn the enactment motion, prompting Bankman-Fried to record an objection.

The tribunal filing further explains that SBF “requires immoderate of these funds to wage for his transgression defense,” claiming that a “financial inability to support oneself has superior consequences, and is irreparable.” The filing continues:

Conversely, the FTX debtors look lone the anticipation of economical loss.

Bankman-Fried argued that the Robinhood shares successful quality are not owned by Alameda Research oregon immoderate different entities implicated successful the FTX bankruptcy. Instead, they are owned by Emergent Fidelity Technology Ltd., a institution that is 90% owned by him. According to the tribunal filing, Bankman-Fried and Gary Wang, different FTX executive, borrowed the funds from Alameda for Emergent to acquisition the Robinhood shares.

Crypto Community Outraged by SBF’s Statements

Many radical connected societal media are outraged by Bankman-Fried’s assertion that helium is facing greater harm than FTX customers who lone endure “the anticipation of economical loss.”

One idiosyncratic tweeted: “SBF gives caller meaning to chutzpah. Arguing successful tribunal that the equilibrium of equities weighs successful favour of him selling HOOD to wage his ain ineligible fees due to the fact that situation is simply a priceless harm and FTX creditors volition lone endure economical loss.” Another opined:

This is 1 of the astir disgusting lines I’ve ever read. Associating your sanction with a assertion that debtors’ economical nonaccomplishment isn’t a substance of beingness and decease for immoderate radical is heartless and retired of touch. What happened to ‘Nothing matters much than making customers whole’?

What bash you deliberation astir Sam Bankman-Fried claiming that helium needs the Robinhood shares much than FTX customers who lone look “the anticipation of economical loss”? Let america cognize successful the comments conception below.

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