• Sam Bankman-Fried (SBF), former CEO of a bankrupt crypto exchange FTX, has requested the court to block debtors’ access to his Robinhood shares.
• A report released by US prosecutors revealed the Robinhood shares are worth $450 million.
• SBF filed a motion to the United States Bankruptcy Court in Delaware opposing the enforcement of control over his shares, claiming the Robinhood shares have nothing to do with any FTX-affiliated firms.
Sam Bankman-Fried, the former CEO of the now-defunct crypto exchange FTX, has gone to court to fight to protect his Robinhood shares from being seized by debtors. A report released by US prosecutors revealed that these shares are worth $450 million, and this has caused a stir in the crypto community.
The news of Sam’s Robinhood shares came at a time when the exchange he used to run was going through liquidation and many debtors were looking for any available assets to compensate for the losses they had suffered. In the face of the US Department of Justice’s plans to seize the Robinhood shares, SBF took it upon himself to file a motion to the United States Bankruptcy Court in Delaware, opposing the enforcement of control over his shares.
In his court filing, Sam argued that the Robinhood shares had nothing to do with any FTX-affiliated firms. He further stated that he needed the money to pay for his legal fees and expenses. The motion was supported by other crypto industry players who argued that seizing the funds would have a negative impact on the crypto market.
The next hearing will reveal the fate of the Robinhood shares and whether or not they will be subject to seizure. It is a crucial decision that will determine the future of the crypto market and the debtors that have suffered massive losses due to the FTX crash.
As the case progresses, the crypto industry is keeping a close eye on the situation and is waiting for the outcome of the hearing. Whatever the court decides, it is sure to have far-reaching implications that will shape the future of the crypto market.