The DOJ is seizing $465 million worth of Robinhood shares, but FTX, BlockFi and Sam Bankman-Fried, have all laid claim to them.
CryptoLaw founder gives his take on disgraced FTX founder Sam Bankman-Fried pleading not guilty to all counts on 'Making Money.'
U.S. prosecutors are in the process of seizing shares of Robinhood Markets tied to the founder of FTX.The situation involves 56 million shares of Robinhood, worth $465 million and who has claim to them. The Department of Justice did not believe the shares were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy.FTX and liquidators in Antigua have all laid claim to the Robinhood stock, as well as Bankman-Fried.
Shapiro said that competing claims to shares of the stock-trading app could be worked out in a forfeiture proceeding. Sam Bankman-Fried leaves Federal Court in New York City on Thursday, December 22, 2022. The former CEO of FTX and Alameda has been released on $250M bail.
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