1 year ago
U.S. authorities volition instrumentality power of Robinhood shares that are nether quality by FTX-related parties, according to assorted reports connected Jan. 4.
Those reports bespeak that the U.S. Department of Justice (DOJ) either has seized oregon is presently seizing Robinhood shares related to FTX.
During a hearing, counsel for the DOJ said that the assets are not portion of FTX’s bankruptcy property and truthful bash not request to beryllium frozen similar different FTX assets. That counsel besides said that different assets are being seized and that some the Robinhood shares and different assets could beryllium controlled further successful forfeiture proceedings.
Several parties asseverate that they person a close to the Robinhood shares. Former FTX CEO Sam Bankman-Fried, idiosyncratic capitalist Yonatan Ben Shimon, lending steadfast BlockFi, and FTX itself person each attempted to laic assertion to the disputed assets.
FTX and Alameda precocious requested a freeze connected the shares successful their bankruptcy proceedings, portion BlockFi has asked for the shares to beryllium moved to a neutral account. Statements from today’s proceeding bespeak that the shares are being seized successful transportation to the transgression lawsuit against Bankman-Fried, not astatine the petition of FTX.
The Robinhood shares nether quality were purchased connected behalf of Bankman-Fried by his holdings company, Emergent Fidelity Technologies, last May.
Emergent bought those 56.2 cardinal shares for $648.3 million. The shares were worthy $482 cardinal soon aft purchase. At present, they are worthy conscionable $465 million.
The station DOJ volition prehend FTX’s disputed Robinhood shares appeared archetypal connected CryptoSlate.
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