Bitrabo Editorial
The FTX Debtors’ Estate is embroiled in a legal battle over the ownership of assets forfeited by Sam Bankman-Fried (SBF) after his conviction for fraud and money laundering. The debtors’ estate has petitioned the US District Court in New York to address these ownership disputes.
FTX: Dispute Arises Over Seized Assets of SBF
The FTX Debtors Estate is seeking to claim various assets seized from Sam Bankman-Fried, including proceeds from sales of Robinhood shares, funds in bank accounts, aircraft, and political contributions. They argue that these assets were either held in the company’s name or funded by the company.
However, Emergent, another firm owned by SBF, has also filed a claim for the proceeds from the Robinhood shares, stating that they were purchased in the company’s name. Additionally, a group of FTX creditors is asserting their right to the forfeited assets, arguing that they should be returned to FTX customers rather than the debtors’ estate.
These creditors are proposing an in-kind settlement for asset distribution and criticizing the estate’s prioritization of non-customer creditors. The court will schedule hearings to address these conflicting claims and ensure a fair distribution of the assets.
Cryptocurrency Market Update
The total cryptocurrency market capitalization has decreased by 3.2% in the past week, reaching $2.3 trillion.
Featured image from Forkast, chart from Tradingview