U.S. Government seizes SBF’s Robinhood shares News ▸ FTX ▸ Bankruptcy
U.S. Government seizes SBF’s Robinhood shares
FTX founder Sam Bankman-Fried's Robinhood shares equate to $455 million.
1 min read
Updated: Aug. 14, 2023 at 1:41 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Government officially seized FTX founder Sam Bankman-Fried‘s (SBF) Robinhood shares, which equates to $455 million, as reported by WatcherGuru.
SBF acquired 7.6% of Robinhood for $648.3 million on May 13, 2022. After the FTX crash on Jan. 4, the U.S. Department of Justice revealed that it would take control of Robinhood shares under dispute by all FTX-related parties.
Upon this news, FTX and Alameda Research attempted to secure their ownership of Robinhood shares by filing legal requests on Jan. 5, claiming that the bankrupt exchange has no “legal claims” over the assets in question.
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Zeynep Geylan
Zeynep is an academic who turned to crypto in 2018. Originating in social sciences, she is especially interested in the social impact of blockchain and cryptocurrencies and strongly believes in their transmuting power.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.
Robinhood is an investing platform where you can invest in stocks, ETFs, options, and cryptocurrencies side by side, all commission-free and easily accessible in one app..
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.
