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U.S. DOJ in process of seizing Robinhood shares tied to Bankman-Fried

Jimmy Khan

Jan 05, 2023 14:37

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Sam Bankman-Fried, who has been charged with fraud in connection with the collapse of the FTX cryptocurrency exchange, is purportedly the owner of shares in Robinhood Markets Inc., according to U.S. authorities, who disclosed this to a court on Wednesday.


A U.S. bankruptcy court was informed by prosecutors that they are in the process of taking shares of the well-known stock trading app Robinhood that Bankman-cryptocurrency Fried's hedge fund Alameda Research had pledged as loan collateral.


After clients hurried to withdraw money, Alameda and its subsidiary FTX filed for bankruptcy in the United States in November.


In connection with the probable loss of billions of dollars by FTX clients, investors, and lenders, Bankman-Fried entered a not-guilty plea to fraud charges.


According to Eikon statistics, Bankman-Fried held 56 million shares, or 7.42%, of Robinhood stock via Emergent Fidelity Technologies Ltd.

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