US Authorities Confiscate Robinhood Shares Owned by Sam Bankman-Fried

The US DJ has announced that it has confiscated 55,273,469 shares of online broker Robinhood in the case against FTX founder Sam Bankman-Fried.

According to court documents, the company’s shares are valued at $456 million. In addition, the DoJ has also seized $20 million. The assets were kept by brokerage company ED&F Man Capital Markets.

Court documents read:

“The seized assets represent property implicated in crimes such as money laundering and wire fraud.”

Sam Bankman-Fried said in December in court testimony that he formed Emergent Fidelity Technologies with FTX co-founder Gary Wang to buy a 7.6% stake in Robinhood.