With only 100,000 euros left in his pocket, SBF asked FTX to cover his legal fees.

According to a report by The Block, FTX founder and former CEO SBF has expressed through his lawyers a desire to use FTX's directors and officers liability insurance to cover his legal fees. If this request is approved by the court, SBF's legal fees will be prioritized and paid first, ahead of other creditors of FTX.

D&O Directors and Officers Liability Insurance

D&O, short for Directors and Officers Liability Insurance, aims to protect the personal legal liability of company directors, officers, or important personnel when facing compensation claims from third parties while performing their duties. This insurance covers investigation expenses, defense costs, settlements, and judgment amounts incurred by directors, officers, and important personnel due to claims.

However, according to a previous analysis by The Block, when a company applies for bankruptcy and SBF has resigned as CEO, it raises questions whether he is still within the insurance coverage. The new management team at FTX also seems to have not agreed to this request, so the situation is pending court response.