The FTX Debtors’ Estate, Emergent Fidelity Technologies, and a class of FTX creditors have filed competing claims for the assets forfeited by Sam Bankman-Fried (SBF), the former CEO of FTXT. he assets in question include proceeds from the sale of Robinhood shares, funds in FTX Digital Markets’ accounts, funds in Binance accounts under Alameda Research Ltd. and Evergreen North Enterprises, two aircraft, and political contributions made by SBF and other former FTX employees.

The FTX Debtors’ Estate, led by John Ray III, filed a petition with the US District Court Southern District of New York, claiming that these assets are subject to the bankruptcy estate’s administration and should be distributed to all creditors. The estate argues that these assets were not legally owned by SBF but were instead linked to his criminal activities, and granting them these assets will benefit all creditors and stakeholders involved in FTX’s Chapter 11 bankruptcy proceedings.

Emergent Fidelity Technologies, an entity owned by SBF, filed a competing claim, asserting that it retains the title to the Robinhood shares and related proceeds. Despite SBF’s 90% ownership in Emergent, the entity claims that he never owned the Robinhood shares or the related cash directly.

A class-action lawsuit led by Sunil Kavuri, representing the largest FTX creditor group, has also staked a claim to many of these assets. The creditors’ suit argues that the assets in question should be returned to FTX customers rather than the debtors’ estate.

Each of these groups has requested hearings to adjudicate their claims, though the dates for these hearings remain unclear. The resolution of these claims will significantly impact the distribution of assets and the recovery process for victims of the FTX collapse. The competing claims highlight the complexity of untangling assets in high-profile bankruptcy cases involving criminal activities. The outcome will set a precedent for how such disputes are handled in the future, especially in the cryptocurrency sector, where legal frameworks are still evolving.

In a related development, the total crypto market cap has fallen by 3.2% in the last week, reaching a value of $2.3 trillion .