DOJ Is Seizing Bank Assets And $450M Of Robinhood Stock Is Linked To FTX
Key Points:
- The DOJ is seizing FTX-linked assets that have benefited from SBF’s crimes, including bank accounts and $450 million in Robinhood stock.
- Previously, the shares of Robinhood held by SBF were in an ownership dispute with BlockFi and FTX creditor Yonathan Ben Shimon.
- Attorneys for the Department of Justice said these assets are not part of bankruptcy proceedings.
The DOJ is seizing assets linked to the bankrupt crypto company FTX, including some shares in the trading app Robinhood, officials said during a virtual court hearing in Delaware.
As mentioned in an earlier Coincu News article, Robinhood shares worth $450 million are still in the process of an ownership dispute between three parties, including SBF, the bankrupt cryptocurrency company BlockFi and FTX creditor Yonathan Ben Shimon.
FTX has determined that Emergent owns only “in the name” these shares, which belong to their company. The bankrupt cryptocurrency company said in the filing that “Emergent is a special-purpose holding company and appears to have no other business.“
According to Department of Justice counsel Seth Shapiro, one of the requests was “connected to Robinhood shares, which the federal government has also confiscated,” in a Delaware bankruptcy court on Wednesday.
According to Shapiro, “We believe these assets are not property in the bankruptcy estate” or exempt, and thus they do not need to be frozen like most FTX assets, pending wind-up.
To prevent criminals from profiting from the proceeds of crime, Shapiro stated that assets had been confiscated from or were being processed for seizure from several banks, specifically noting Silvergate, a lender intimately associated with FTX.
Later, an attorney for FTX from Sullivan and Cromwell, identified on a screen as Brian Glueckstein, said he wanted to make it clear that these seizures were related to the Department of Justice’s ongoing investigation into Bankman-Fried, not to FTX’s bankruptcy case as a civil issue.
Bankman-Fried entered a not-guilty plea on Tuesday to several counts brought by the DOJ, including wire fraud and money laundering.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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DOJ Is Seizing Bank Assets And $450M Of Robinhood Stock Is Linked To FTX
Key Points:
- The DOJ is seizing FTX-linked assets that have benefited from SBF’s crimes, including bank accounts and $450 million in Robinhood stock.
- Previously, the shares of Robinhood held by SBF were in an ownership dispute with BlockFi and FTX creditor Yonathan Ben Shimon.
- Attorneys for the Department of Justice said these assets are not part of bankruptcy proceedings.
The DOJ is seizing assets linked to the bankrupt crypto company FTX, including some shares in the trading app Robinhood, officials said during a virtual court hearing in Delaware.
As mentioned in an earlier Coincu News article, Robinhood shares worth $450 million are still in the process of an ownership dispute between three parties, including SBF, the bankrupt cryptocurrency company BlockFi and FTX creditor Yonathan Ben Shimon.
FTX has determined that Emergent owns only “in the name” these shares, which belong to their company. The bankrupt cryptocurrency company said in the filing that “Emergent is a special-purpose holding company and appears to have no other business.“
According to Department of Justice counsel Seth Shapiro, one of the requests was “connected to Robinhood shares, which the federal government has also confiscated,” in a Delaware bankruptcy court on Wednesday.
According to Shapiro, “We believe these assets are not property in the bankruptcy estate” or exempt, and thus they do not need to be frozen like most FTX assets, pending wind-up.
To prevent criminals from profiting from the proceeds of crime, Shapiro stated that assets had been confiscated from or were being processed for seizure from several banks, specifically noting Silvergate, a lender intimately associated with FTX.
Later, an attorney for FTX from Sullivan and Cromwell, identified on a screen as Brian Glueckstein, said he wanted to make it clear that these seizures were related to the Department of Justice’s ongoing investigation into Bankman-Fried, not to FTX’s bankruptcy case as a civil issue.
Bankman-Fried entered a not-guilty plea on Tuesday to several counts brought by the DOJ, including wire fraud and money laundering.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Foxy
Coincu News
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