Drain FTX Dry? SBF Seeks FTX Insurance to Help Cover Legal Fees
According to The Block, US bankruptcy judge John Dorsey will consider FTX founder Sam Bankman-Fried's (SBF) motion at a hearing on Wednesday, in which he seeks to use a $10 million FTX insurance policy to fund his legal defense. The policy is designed to protect the company's directors and officers in the event of litigation.
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According to The Block, U.S. bankruptcy judge John Dorsey will consider a motion by FTX founder Sam Bankman-Fried (SBF) at Wednesday's hearing, in which he seeks to use a $10 million FTX insurance policy to fund his legal defense. The policy is designed to protect the company's directors and officers in the event of litigation.
SBF's lawyers argue that despite the allegations against SBF, he has not been proven guilty, and therefore SBF should be presumed innocent and entitled to access the insurance to strengthen his defense in court.
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