DOJ Officially Seizes Over $456,000,000 Worth of Robinhood Shares Tied to FTX Founder Sam Bankman-Fried

The U.S. Division of Justice (DOJ) has formally seized shares of in style buying and selling app Robinhood linked to Sam Bankman-Fried regardless of objections from the disgraced FTX founder’s authorized crew.

In a submitting dated January sixth, prosecutors with the Industrial Litigation department of the DOJ Civil Division inform the chapter court docket within the district of New Jersey that Robinhood shares price over $456 million tied to the previous crypto titan at the moment are within the custody of the US authorities.

“America has seized 55,273,469 shares of the inventory of Robinhood Markets Inc. and $20,746,713.67 in United States forex from an account at ED&F Man Capital Markets Inc. pursuant to judicially approved seizure warrants issued within the Southern District of New York.”

In keeping with the submitting, the seized property represent property concerned within the violations of cash laundering and wire fraud legal statutes and are usually not properties of the chapter property.

In November, FTX filed for chapter after the crypto change failed to satisfy withdrawal requests from its clients.

The DOJ’s seizure comes as Bankman-Fried offers with an eight-count indictment arising from his alleged misappropriation of billions price of FTX buyer funds.

In an affidavit filed with the Jap Caribbean Supreme Courtroom on December twelfth, Bankman-Fried says he and FTX chief know-how officer Gary Wang borrowed funds from FTX sister agency Alameda Analysis to fund Emergent Constancy Applied sciences, which purchased the Robinhood shares. Bankman-Fried owns 90% of the shell firm.

Bankman-Fried’s legal professionals argue that Emergent is just not implicated within the insolvency of FTX and shouldn’t be a part of the chapter proceedings. In addition they say the previous crypto billionaire wants the shares to fund his authorized protection.

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