{"id":43558,"date":"2023-01-07T14:02:05","date_gmt":"2023-01-07T18:02:05","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=43558"},"modified":"2023-01-07T15:24:48","modified_gmt":"2023-01-07T19:24:48","slug":"sbf-seeks-to-keep-grasp-on-450m-in-robinhood-shares","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/sbf-seeks-to-keep-grasp-on-450m-in-robinhood-shares\/","title":{"rendered":"SBF seeks to keep grasp on $450M in Robinhood shares"},"content":{"rendered":"\n
Founder of FTX, SBF<\/a>, has filed a motion in court seeking to block FTX debtors from taking control of his Robinhood shares.<\/h5>\n\n\n\n
\"SBF
SBF seeks to keep grasp on $450M in Robinhood shares<\/figcaption><\/figure>\n\n\n\n

Sam Bankman-Fried (SBF), the creator of the now-defunct cryptocurrency exchange FTX<\/a>, has filed a motion to prevent the FTX debtors from seizing his 56 million shares of Robinhood. <\/p>\n\n\n\n

US authorities had earlier declared their intention to take the $450 million worth of Robinhood shares. SBF, a co-founder of FTX who is now placed under house arrest, contended in a court document that none of the FTX-connected organizations own the Robinhood shares.<\/p>\n\n\n\n

In a court filing on Thursday, SBF's attorneys claimed that their client required the funds to pay for his legal costs. FTX and its trading division Alameda Research<\/a> are being managed by court-appointed liquidators who are looking for whatever assets they can uncover to recoup investors' money and pay back FTX's clients.<\/p>\n\n\n\n

An earlier court hearing featured a US Department of Justice prosecutor who announced that the $450 million investment held by SBF will be seized. At a subsequent hearing, it will be decided what the DoJ intends to do with the Robinhood shares.<\/p>\n\n\n\n

With a $250 million agreement, FTX pledged to save the crypto lending company BlockFi from bankruptcy; however, BlockFi filed for bankruptcy. Massive exposure to the collapsed crypto exchange existed within BlockFi.<\/p>\n\n\n\n

In its bankruptcy case, the market-leading cryptocurrency company \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>sought claims on SBF's Robinhood shares. Customers of FTX had already brought a class action lawsuit against the exchange and SBF, claiming they were entitled to all of the company's remaining assets. FTX stated in its bankruptcy case that it has more than 1 million creditors.<\/p>\n","protected":false},"excerpt":{"rendered":"

Founder of FTX, SBF, has filed a motion in court seeking to block FTX debtors from taking control of his Robinhood shares. Sam Bankman-Fried (SBF), the creator of the now-defunct cryptocurrency exchange FTX, has filed a motion to prevent the FTX debtors from seizing his 56 million shares of Robinhood. US authorities had earlier declared […]<\/p>\n","protected":false},"author":43,"featured_media":43560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-43558","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/01\/croc_1673113345076.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=43558"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/43558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/43560"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=43558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=43558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=43558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}