Totally gene-free SBF – After the catastrophic explosion of the group FTX in November 2022, we learned a lot about the dark side of Sam Bankman-Fried (SBF). His latest request is not likely to make him more popular with his aggrieved customers, quite the contrary. The former CEO of FTX sees that his (very) disbursed lawyers’ fees Are taken from the reserves – already deeply in deficit – of the fallen crypto-exchange.
Sam Bankman-Fried wants FTX users to pay for his defense
Contrary to the assertions of Sam Bankman Friedas well FTX.COM (international) that FTX.US (United States) present abyssal deficits. As customers of the cursed crypto exchange see their chance to see a good chunk of their cryptos back love each other From day to day, SBF has just filed a cheeky request which is likely to annoy more than one.
In a legal document rendered on March 15, 2023 after the Delaware Bankruptcy Court, we thus learn that Sam Bankman-Fried sees that they defense brothers are reimbursed for insurance policy for FTX executives and leaders.
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Millions of dollars for SBF’s lawyers first, its clients will come later
I will say that John Ray (new CEO representing FTX) and group liquidators previously available I refused clean and clear to SBF this payment of its legal costs. Hence the request of the latter to the court, now.
“Mr. Bankman-Fried sued the liquidator’s lawyer for the lifting of the stay, according to the police [d’assurance], which (1) gives priority of payment to insured persons with uncompensated losses like Mr. Bankman-Fried, and (2) waives objections to the requested waiver. The liquidators refused, which made this request necessary. »
Responses or objections to this application must be filed before March 29 2023. Otherwise, SBF receives the funds from the insurance policies of FTX – held with Remm insurance and of Beazley Insurance. For his defense costs already spentet al futures contracts.
And these fees depend in millions of dollar. Especially with 4 new counts to his son found at the end of February, the car of Sam Bankman-Fried now faces a total of 12 criminal charges. Since among them is fraud against customers of FTX, it is difficult to comment on a judge who can morally accept that SBF come crop again his legal costs out of the remaining cash from his defunct crypto exchange. Let the poor users Probably not recovered 10-35% only of their investments on FTX, according to recent estimates.
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