Saturday, July 13, 2024

US Officials Seized $460M In Robinhood Shares Related To FTX

It is said that the United States Department of Justice has taken possession of or was in the process of taking possession of more than $400 million worth of Robinhood shares that are related to FTX as part of its investigation into the cryptocurrency exchange. This is said to have occurred as part of the investigation into the cryptocurrency exchange.

On January 4, Reuters released an article that stated that United States officials had informed a judge that they were in the process of seizing assets related to FTX and its former CEO, Sam Bankman-Fried. The article stated that the United States officials were in the process of seizing assets related to FTX and its former CEO. 

According to the paper, these assets included around 468 million dollars’ worth of Robinhood shares, which at the time it was published had a value of approximately 56 million shares.

The report was made public a day after a judge in the criminal case against SBF ordered him to desist from accessing or transferring any bitcoin or assets that originated from FTX or Alameda. The judge’s order was issued in connection with the case.

As a result of the high number of investors and creditors who are attempting to get their money back in full throughout the processes of FTX’s bankruptcy, ownership of the Robinhood shares has become a contentious issue.

BlockFi, Bankman-Fried, and Yonathan Ben Shimon, a creditor of FTX, have separately submitted their case for ownership of the assets, arguing that they should have priority over the other parties.

On January 3, 2019, Bankman-Fried appeared in front of a federal judge and pleaded not guilty to all eight of the criminal charges that were brought against her. Among these accusations are those of wire fraud, securities fraud, and violations of rules governing political money.

The former Chief Executive Officer of FTX has been put under house arrest at his parents’ residence in the state of California since the month of December. However, he is allowed to travel for reasons that have been pre-approved, such as appearing in court in New York. This is the only exception to this rule. The date of his trial, which has been set for October 2nd, has been set.


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