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U.S. authorities will take management of Robinhood shares which are underneath dispute by FTX-related events, in line with numerous experiences on Jan. 4.
These experiences point out that the U.S. Division of Justice (DOJ) both has seized or is at present seizing Robinhood shares associated to FTX.
Throughout a listening to, counsel for the DOJ stated that the belongings will not be a part of FTX’s chapter property and subsequently don’t should be frozen like different FTX belongings. That counsel additionally stated that different belongings are being seized and that each the Robinhood shares and different belongings might be managed additional in forfeiture proceedings.
A number of events assert that they’ve a proper to the Robinhood shares. Former FTX CEO Sam Bankman-Fried, particular person investor Yonatan Ben Shimon, lending agency BlockFi, and FTX itself have all tried to put declare to the disputed belongings.
FTX and Alameda not too long ago requested a freeze on the shares of their chapter proceedings, whereas BlockFi has requested for the shares to be moved to a impartial account. Statements from as we speak’s listening to point out that the shares are being seized in connection to the legal case towards Bankman-Fried, not on the request of FTX.
The Robinhood shares underneath dispute have been bought on behalf of Bankman-Fried by his holdings firm, Emergent Constancy Applied sciences, final Might.
Emergent purchased these 56.2 million shares for $648.3 million. The shares have been value $482 million shortly after buy. At current, they’re value simply $465 million.
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