Bankman-Fried Denied Access to FTX’s Officers Insurance Coverage

Sam Bankman-Fried, the embattled founder of FTX, failed in his bid to potentially tap up to $10 million worth of the failed crypto trading platform’s insurance policies for his legal defense costs.

Bankman-Fried has provided “zero evidence” showing why he should be allowed to tap directors and officers insurance policies issued to an FTX entity, West Realm Shires Inc., Judge John T. Dorsey of the US Bankruptcy Court for the District of Delaware ruled at a hearing Wednesday.

The criminally-indicted former head of FTX had sought to lift the company’s bankruptcy protections in an effort to access funds that would ...