cryptonews: The U.S. Justice Department has seized 56 million shares of stock-and-crypto trading app Robinhood that Sam Bankman-Fried purchased in May.
the stock-and-crypto exchange platform, was already complex. Bankrupt crypto lender BlockFi has laid claim to the shares, which were used as collateral for a $600 million loan it made to Alameda Research, the Bankman-Fried-owned firm whose massive trading losses were behind the exchange's collapse.
In addition, Bahamian liquidators working for the SCB have laid claim to them, as has the current leadership of the FTX Group overseeing the estate of Bankman-Fried's empire, including FTX, FTX US, Alameda and some 100 smaller companies formed for a variety of purposes. One of those, Emergent, was created by Bankman-Fried and Wang to borrow $456 million from Alameda for the purpose of buying the Robinhood shares.
"The seizures that have taken place were ordered by the court in connection with the criminal actions in the Southern District of New York with respect to Mr. Bankman, Miss Ellison and Mr. Wang," FTX lawyer James Bromley said on Wednesday. While reserving the company's rights with respect to the seized assets, Bromley told the court it wanted to be clear that the Robinhood shares in question "were being seized from accounts that are not currently under the control of the debtors."Related Articles
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