The U.S. Department of Justice (DOJ) is seizing Robinhood shares, worth about $460 million, linked to former FTX CEO Sam Bankman-Fried (SBF). $HOOD crypto
The U.S. Department of Justice is in the process of seizing Robinhood shares, worth about $460 million, that are linked to former FTX CEO Sam Bankman-Fried . “We believe that these assets are not property of the bankruptcy estate or that they fall within the exceptions … of bankruptcy code,” a DOJ attorney told the judge overseeing the FTX bankruptcy case.The U.S. government is in the process of seizing 56 million shares of Robinhood Markets Inc.
According to Robinhood’s filing with the Securities and Exchange Commission in May last year, Emergent Fidelity Technologies tookFollowing the FTX bankruptcy filing, the ownership of the Robinhood shares is disputed by the new FTX management, Bankman-Fried, an individual FTX creditor, and crypto lender Blockfi which alsoDue to multiple parties laying claims to the Robinhood shares, the new FTX management has filed a motion to the Delaware bankruptcy court to keep the assets frozen until the...
FTX lawyer James Bromley said during Wednesday’s hearing: “The question as to the ownership of those Robinhood shares was an open question before the seizure took place.” He added: We certainly believe we have rights with respect to those assets … We are in alignment at the present time with the U.S. government and the law enforcement officials in taking these steps.
Bromley stressed that the Robinhood shares being seized by Federal prosecutors are from accounts that are not currently under the direct control of the bankrupt FTX.
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