It’s been a wild ride for FTX and SBF as of late, with new developments popping up left and right. At the heart of it all are some Robinhood shares that are worth a staggering $450 million – no wonder so many people and parties are keen to get their hands on them!
The US Department of Justice recently seized SBF’s Robinhood shares, but now, Sam Bankman-Fried is trying to get them back so he can use them to pay for his legal fees. In a recent court filing, SBF’s lawyers requested the return of 56.3 million Robinhood shares, which they claim are owned by a company called Emergent Fidelity Technology Limited. This company isn’t part of the bankruptcy estate, but it’s worth noting that SBF owns a hefty 90% stake in it.
SBF’s lawyers argued that their client hasn’t been found guilty of any fraud-related crimes and that it’s not fair to assume that everything he’s ever touched is suspicious. They also pointed out that paying legal fees is more important than worrying about any potential economic loss for FTX.
But SBF and Sam Bankman-Fried aren’t the only ones interested in these Robinhood shares – another company called BlockFi has also requested access to them.
On top of all this, there’s also the matter of Sam’s emptied wallet to consider. Shortly after being released on bail, the wallet belonging to Sam Bankman-Fried was drained of $600,000, which ended up on a no-KYC exchange.
This raised a few eyebrows, as it’s possible that Sam could have violated the terms of his release by cashing out the money – the terms state that he can’t conduct business worth more than $1,000 without permission. However, Nomichief, the former head of SushiSwap, has claimed that he gave SBF control of the wallet, so it’s possible that the situation is more complicated than it initially seemed.
All in all, it’s clear that this is a complex and ongoing situation, and we’ll be sure to keep you updated as more information becomes available. In the meantime, it looks like we’ll just have to sit back and see how everything plays out!