Multiple parties have clashed for assets tied to FTX founder Sam Bankman-Fried, who is serving a 25-year sentence for financial offenses. FTX and its Bahamian branch's lawyers contend that they should use these assets.
These assets include aircraft as well as money held by numerous banks. They claim the funds should be used to pay the victims rather than to pay SBF's $11B penalty.
They filed their claim on June 14, hoping to maximize the reimbursement to almost 1 million affected individuals by lowering extra expenditures. Another allegation concerns Robinhood shares and $20M held by Emergent Fidelity Technologies.
Meanwhile, a group of crypto lawyers maintains that FTX users, not debtors, should get the assets. This may show potential conflicts in the estate's disposal.
Despite the opposing statements, Judge Lewis Kaplan has yet to rule on the case. Bankman-Fried is appealing his conviction, while other guilty FTX officials await sentencing. The battle for FTX's assets is ongoing, marking another chapter in the company's catastrophic demise.
