Sam Bankman-Fried has asked the court to allow him to retain control over the 56 million shares that he owns in Robinhood.
- The stock is currently worth around $450 million.
- SBF’s lawyers argued that the shares were bought legitimately with funds that Wang and SBF borrowed from Alameda Research and that said loan has been properly documented.
It is improper for the FTX Debtors to ask the Court to simply assume that everything Mr. Bankman Fried ever touched is presumptively fraudulent. – reads the filing.
- The document also outlines that the shares are owned by Emergent – an entity that’s not implicated in the FTX bankruptcy case, and its independent acquisition of the shares has been “clearly set forth in an SEC filing” made by FTX General Counsel.
- Crypto Potato reported on January 5th that the US Department of Justice wants to seize the shares, 90% of which are owned by SBF and 10% by Gary Wang.