US government confiscates Robinhood shares worth $ 465 million that are connected to SBF (report)

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Von: Krypto News Österreich

reported that the American authorities have confiscated 56 million Robinhood shares or will soon be confiscated that are bound to the former CEO of FTX-Sam Bankman-Fried (SBF).

The 30-year-old recently looked for help from an Insolvency Court of the United States to get control of the hood shares.

SBF takes another blow

according to Bloomberg Cover , the American government is to confiscate Robinhood shares worth around 468 million, Bankman-Fried belong. The source stated that the officials may have already completed the confiscation.

The operation is part of the massive legal process against the former FTX manager, which is exposed to numerous charges, including transfer fraud and money laundering.

Sbf bought A 7.6 percent participation in the financial service company in May last year and praised Robinhood as an "attractive investment". Current reports indicated that the former crypto mogul has borrowed over half a billion dollar from Alameda Research to finance the deal in cooperation with the FTX co-founder (Gary) Wang. SBF received 90 % of the 56 million shares, while Wang held 10 %.

Bankman-Fried and the former CEO of Alameda-Caroline Ellison-later used the shares as security to receive a loan from the cryptocurrency Blockfi, which led to a significant dispute in the following months.

three parties (SBF, Blockfi and the FTX believer Yonathan Ben Shimon) claimed that they were the rightful owners of the hiding place. The collapsed stock exchange even asked to prevent others from claiming ownership of the shares.

The broker from Emergent-ED & F Man Capital Markets-Fror Hood participation in mid-November (shortly after FTX and Alameda Research had filed for bankruptcy). According to reports, Bankman-Fried tried to sell the shares before submitting the signal application.

No takeover change

FTX quickly expanded its presence in the first half of 2022 and acquired several cryptocurrency companies. Some reports from last summer recommended that the next goal of the platform Vlad Tenevs Robinhood would be. While SBF said in the following days that he likes the brokerage app, he that ftx had no plans to buy it:

"I have always been impressed by the business that Vlad and his team built up. Apart from that, there are no active M&A conversations with Robinhood."

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