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US authorities seize $460 million in Robinhood shares tied to FTX: report

Published on

January 5, 2023
Read Time:1 Minute, 17 Second

America Departure of Justice reportedly seized greater than $400 million price of Robinhood inventory or was within the means of seizing FTX-related Robinhood inventory as a part of the crypto trade's case.

Based on a report by Reuters on Jan. 4, US officers told A choose was within the means of seizing property related to FTX and its former CEO Sam Bankman-Fried, together with 56 million shares of Robinhood price roughly $468 million on the time of publication. The report comes a day after a choose in SBF's felony case ordered it to not entry or switch cryptocurrencies or property from both FTX or Alameda.

Amid FTX's chapter proceedings, management of Robinhood inventory has been contentious as many buyers and collectors look like restored. BlockFi, Bankman-Fried and FTX creditor Yonathan Ben Shimon have all staked claims to the property.

In federal court docket on Jan. 3, Bankman-Fried pleaded not responsible to eight counts, together with wire fraud, securities fraud and violations of marketing campaign finance legal guidelines. He additionally beforehand denied shifting funds from Alameda, saying he hasn't had entry to the wallets since resigning as CEO in November.

Associated: The end result of SBF's prosecution might decide how the IRS offers together with your FTX losses

The previous FTX CEO has been beneath home arrest at his mother and father' house in California since December however has been allowed to journey for authorised causes, together with court docket appearances in New York. His trial date was set for October 2nd.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 5, 2023
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