Sam Bankman-Fried wants to use FTX’s director and officer liability insurance to fund his ballooning legal bills.
Highlights
- Former FTX CEO Sam Bankman-Fried wants to use the crypto exchange’s director and officer liability insurance to pay his legal bills.
- The former billionaire is awaiting an October trial and could spend the rest of his life in jail if convicted on all charges.
- FTX’s new leadership has so far resisted his request, prompting him to request a judge make them do so.
- If the court approves his request it would effectively put the former billionaire at the front of the line for an FTX payout — ahead of the FTX creditors, a move that his new leadership hasn’t so far so far.
- Experts say Bankman’s legal defense could cost millions of dollars.
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