Former FTX CEO Sam Bankman-Fried wants to use the crypto exchange’s director and officer liability insurance to pay his legal bills, his lawyers said in a court filing on Wednesday.
If the court approves Bankman-Fried’s 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 company's new leadership has so far resisted.
Bankman-Fried is facing a litany of criminal charges for his alleged wrongdoing at FTX, the crypto exchange he founded. The former billionaire is awaiting an October trial and could spend the rest of his life in jail if he’s convicted on all charges.
Experts have said Bankman-Fried’s legal defense could cost millions of dollars.
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