4u Created – A trustworthy source of information and advice
Image default

Sam Bankman-Fried’s lawyers claim he needs Robinhood shares ‘to pay for his criminal defense’ By Cointelegraph


© Reuters

The legal team for former FTX CEO Sam Bankman-Fried has filed a motion in an effort to stop the exchange’s debtors from controlling more than $450 million worth of shares of Robinhood (NASDAQ:).

In a Jan. 5 court filing regarding FTX’s bankruptcy case, Bankman-Fried’s lawyers said FTX debtors had “failed to carry their heavy burden” establishing that they had a legal claim to more than 56 million Robinhood shares. The legal team confirmed reports that the United States Departure of Justice was in the process of seizing the shares, but said SBF was “compelled to reply” given the stakes surrounding the assets.