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DOJ to Seize $465 Million of Robinhood Shares Tied to Bankman-Fried

Friday, 06 January 2023
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U.S. prosecutors are in the process of seizing shares of Robinhood Markets Inc. tied to Sam Bankman-Fried, who has been charged with fraud in the collapse of the FTX cryptocurrency exchange, a U.S. attorney told a judge on Wednesday. The Department of Justice did not believe the 56 million shares of Robinhood, worth about $465 million, were property of a bankruptcy estate, U.S. attorney Seth Shapiro told U.S. Bankruptcy Judge John Dorsey, who is overseeing the FTX bankruptcy. Shapiro said that competing claims to shares of the stock-trading app could be worked out in a forfeiture proceeding.