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The US Department of Justice has seized more than 55 million Robinhood shares well-known by FTX co-founders Sam Bankman-Fried and Gary Wang valued at over $455 million, according to court documents filed Friday. The value is pegged to Friday's portion price of $8.25. The stock was with a UK-based holding company.
Bankman-Fried is fighting to hold on to his shares, arguing that the funds are needed to pay his accurate defense and saying that he and Wang legitimately bought them with coffers borrowed from FTX hedge company Alameda Research, CoinDesk said in a separate report.
The US Department of Justice and Robinhood didn't now respond to requests for comment.
News of the DOJ's seizure comes as Bankman-Fried faces mounting accurate troubles following the collapse of cryptocurrency exchange FTX. The loss of hundreds of millions of bucks in FTX customer funds has hurt confidence in the cryptocurrency market. Bankman-Fried pleaded not guilty to fraud charges spinal this month. FTX is now being run by John Ray III, who's overseeing the concerned bankruptcy process. He asked a judge last month to freeze FTX stock, a move opposed by Bankman-Fried.
FTX was one of the largest cryptocurrency exchanges in the biosphere before collapsing late last year. Bankman-Fried and new top employees had allegedly misused customer funds in dangerous investments that began to fold as the crypto market saw a greatest slide in 2022.
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