{"id":72306,"date":"2023-01-09T19:47:27","date_gmt":"2023-01-09T17:47:27","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72306"},"modified":"2025-09-08T14:20:27","modified_gmt":"2025-09-08T11:20:27","slug":"u-s-authorities-seize-robinhood-shares-in-bankman-fried-case","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/u-s-authorities-seize-robinhood-shares-in-bankman-fried-case\/","title":{"rendered":"U.S. authorities seize Robinhood shares in Bankman-Fried case"},"content":{"rendered":"

The U.S. Department of Justice seized<\/a> 55,273,469 Robinhood shares as part of the case against FTX founder Sam Bankman-Fried.<\/p>\n

The value of the securities was about $456 million (as of the close of trading on January 6). More than $20 million also came under the department’s control. The funds were held by the brokerage ED&F Man Capital Markets.<\/p>\n

\n

\u201cThe seized assets constitute property involved in crimes such as money laundering and fraud involving electronic means,\u201d the document states.<\/p>\n<\/blockquote>\n

In late December 2022, Bankman-Fried, in testimony to the court, said that together with FTX co-founder Gary Wang founded a company<\/a> Emergent Fidelity Technologies to purchase a 7.6% stake in Robinhood.<\/p>\n

The deal closed on May 13 \u2014 the firm acquired 56.28 million shares of the online broker<\/a> for $648.29 million.<\/p>\n

In July, the U.S. unit FTX entered into a deal with BlockFi<\/a>. The agreement provided for the issuance of a revolving credit facility to the crypto lending platform of $400 million and an option to buy it for $240 million.<\/p>\n

On November 28 BlockFi initiated<\/a> bankruptcy proceedings in the United States. On the same day it filed a complaint<\/a> against Emergent Fidelity Technologies, seeking the return of the collateral held at ED&F Man Capital Markets.\u00a0<\/p>\n

Subsequently the platform filed a lawsuit<\/a> against the firm. According to documents, on November 9 Emergent Fidelity Technologies entered into an agreement with BlockFi guaranteeing payment for an unnamed borrower. As collateral they used \u201cordinary shares\u201d.\u00a0<\/p>\n

According to media reports, the dispute concerned Robinhood shares. Journalists also obtained lending documents indicating that the subject of the dispute was Robinhood shares.\u00a0<\/p>\n

In December FTX filed for court protection<\/a> for the Robinhood stake from creditors.<\/p>\n

Earlier, the U.S. Department of Justice charged Bankman-Fried with eight criminal counts<\/a>, including conspiracy and wire fraud. He pleaded not guilty<\/a>.<\/p>\n

Follow ForkLog Bitcoin news on our Telegram<\/a> \u2014 news on cryptocurrencies, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Department of Justice seized 55,273,469 Robinhood shares as part of the case against FTX founder Sam Bankman-Fried.<\/p>\n","protected":false},"author":1,"featured_media":72307,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1236,1234,1403,26],"class_list":["post-72306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-ftx","tag-robinhood","tag-sam-bankman-fried","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72306","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72306"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72306\/revisions"}],"predecessor-version":[{"id":72308,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72306\/revisions\/72308"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72307"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72306"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72306"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72306"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}