{"id":16249,"date":"2023-01-09T02:15:58","date_gmt":"2023-01-09T02:15:58","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/sbf-fights-for-robinhood-shares-says-he-needs-them-more-than-ftx-customers-who-only-suffer-possibility-of-economic-loss-featured-bitcoin-news\/"},"modified":"2023-01-09T02:15:58","modified_gmt":"2023-01-09T02:15:58","slug":"sbf-fights-for-robinhood-shares-says-he-needs-them-more-than-ftx-customers-who-only-suffer-possibility-of-economic-loss-featured-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/sbf-fights-for-robinhood-shares-says-he-needs-them-more-than-ftx-customers-who-only-suffer-possibility-of-economic-loss-featured-bitcoin-news\/","title":{"rendered":"SBF Fights for Robinhood Shares \u2014 Says He Needs Them More Than FTX Customers Who Only Suffer ‘Possibility of Economic Loss’ \u2013 Featured Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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Disgraced FTX founder Sam Bankman-Fried (SBF) is attempting to regain access to his Robinhood shares, worth over $460 million. The former CEO of the collapsed crypto exchange claimed that he needs them to \u201cpay for his criminal defense,\u201d stressing that without them the consequences would be serious and \u201cirreparable.\u201d FTX customers, on the other hand, \u201cface only the possibility of economic loss,\u201d SBF\u2019s court filing states.<\/strong><\/p>\n

Disputes Over Robinhood Shares<\/h2>\n

FTX co-founder and former CEO Sam Bankman-Fried (SBF) is trying to regain control of his Robinhood shares that are currently disputed by several parties, including SBF himself, the new FTX management, and bankrupt crypto lender Blockfi.<\/p>\n

Bankman-Fried has asked the bankruptcy court to deny the motion to enforce the automatic stay (stay motion) filed by the new FTX management on 56,273,269 shares of Robinhood Markets Inc. (Nasdaq: HOOD), worth more than $460 million, a Thursday court filing shows.<\/p>\n

The court document details that the former FTX chief \u201crequests that the stay motion be denied\u201d because the new FTX management has \u201cfailed to carry their heavy burden of establishing that such an extraordinary remedy is warranted.\u201d Moreover, the stay motion should be \u201cmoot\u201d since the U.S. Department of Justice (DOJ) has obtained a warrant to seize the Robinhood shares<\/a>, the court filing adds, noting that the new FTX management has not withdrawn the stay motion, prompting Bankman-Fried to file an objection.<\/p>\n

The court filing further explains that SBF \u201crequires some of these funds to pay for his criminal defense,\u201d claiming that a \u201cfinancial inability to defend oneself has serious consequences, and is irreparable.\u201d The filing continues:<\/p>\n

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Conversely, the FTX debtors face only the possibility of economic loss.<\/p>\n<\/blockquote>\n

Bankman-Fried argued that the Robinhood shares in dispute are not owned by Alameda Research or any other entities implicated in the FTX bankruptcy. Instead, they are owned by Emergent Fidelity Technology Ltd., a company that is 90% owned by him. According to the court filing, Bankman-Fried and Gary Wang, another FTX executive, borrowed the funds from Alameda for Emergent to purchase the Robinhood shares.<\/p>\n

Crypto Community Outraged by SBF\u2019s Statements<\/h2>\n

Many people on social media are outraged by Bankman-Fried\u2019s claim that he is facing greater harm than FTX customers who only suffer \u201cthe possibility of economic loss.\u201d<\/p>\n

One person tweeted<\/a>: \u201cSBF 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.\u201d Another opined<\/a>:<\/p>\n

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This is one of the most disgusting lines I\u2019ve ever read. Associating your name with a claim that debtors\u2019 economic loss isn\u2019t a matter of life and death for some people is heartless and out of touch. What happened to \u2018Nothing matters more than making customers whole\u2019?<\/p>\n<\/blockquote>\n

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Alameda Research<\/a>, DOJ<\/a>, FTX customers<\/a>, FTX debtors<\/a>, FTX users<\/a>, HOOD shares<\/a>, Robinhood shares<\/a>, Sam Bankman-Fried<\/a>, Sam Bankman-Fried Robinhood shares<\/a>, sbf<\/a>, SBF Robinhood shares<\/a><\/div>\n<\/div>\n

What do you think about Sam Bankman-Fried claiming that he needs the Robinhood shares more than FTX customers who only face \u201cthe possibility of economic loss\u201d? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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