FTX users and customers have filed a class action lawsuit against the bankrupt crypto exchange, Sam Bankman-Fried and its top executives, seeking the court’s intervention in declaring that the company’s holdings belong to its customers.
The lawsuit explained:
Customer class members should not have to stand in line along with secured or general unsecured creditors in these bankruptcy proceedings just to share in the diminished estate assets of the FTX Group and Alameda.
SBF, BlockFi and FTX Have Been Fighting Over $500M in Robinhood Shares
The lawsuit is the latest effort for those affected by the collapse of FTX to lay claim to the dwindling assets of the crypto exchange. It also follows another suit by the FTX estate that seeks the court’s assistance in determining ownership of almost $500 million Robinhood shares purchased by an entity in Antigua and Barbuda, controlled by Sam Bankman-Fried.
FTX is requesting the courts to freeze the Robinhood shares as ownership is determined. It explained:
The fact that multiple prepetition creditors of different Debtors and Mr Bankman-Fried are all seeking to obtain possession of the Robinhood Shares demonstrates that the asset should be frozen until this Court can resolve the issues in a manner that is fair to all creditors of the Debtors.
FTT Continues to Drop Amidst the FTX Fiasco
Concerning the effects of the FTX saga on the price of the FTT token, the digital asset seems to follow a LUNA trajectory as it has dropped below the crucial $1 psychological support. At the time of writing, FTX Token (FTT) is trading at $0.874 after setting a local low of $0.820 and seems to be destined for lower levels, as seen through the chart below courtesy of Tradingview.com.
