SBF Seeks To Block FTX Debtors From Taking His Robinhood Shares
Founder of defunct crypto exchange FTX, Sam Bankman-Fried has filed a motion seeking to block FTX debtors from taking control of his 56 million Robinhood shares. Earlier, US prosecutors announced to seize those Robinhood shares worth $450 million.
FTX co-founder SBF, who is currently under house arrest, has argued in a court filing that Robinhood shares do not belong to any of the FTX-related entities.
SBF needs money to fund his legal expenses, lawyers argue
SBF’s lawyers have argued in the court filing on Thursday that their client needs the money to fund his legal expenses. FTX and its trading arm Alameda Research are currently under court-appointed liquidators that are seeking any assets they can find to repay FTX customers and investors.
Earlier, a US Department of Justice prosecutor said in a court hearing that they are moving ahead to seize SBF’s stake worth $450 million. What DoJ plans to do with Robinhood shares will be decided in a future hearing.
FTX investors and customers seek claim on Robinhood shares
BlockFi, a crypto lending firm that FTX promised to bail out with a $250 million agreement, filed for bankruptcy. BlockFi had massive exposure to the failed crypto exchange. The crypto leading firm sought claims on SBF’s Robinhood shares in its bankruptcy filing.
Earlier, FTX customers also filed a class action lawsuit against the exchange and SBF, alleging they deserve all the assets that are left with FTX. In its bankruptcy filing, FTX had revealed that it has over 1 million creditors.
- Indian Court Declares XRP as Property in WazirX Hack Case
- Ethereum Supercycle Strengthens as SharpLink Gaming Withdraws $78.3M in ETH
- Trump Tariffs: Secretary Bessent Declares ‘Fantastic’ Trump–Xi Talks, Bitcoin Breaks $113,000
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
