Crypto News

US Government to Confiscate $465M in Robinhood Shares Tied to SBF

56 million shares of Robinhood, worth around $465 million owned by SBF

The US government is reportedly in the process of seizing or has already seized 56 million shares of Robinhood, worth around $465 million, owned by Sam Bankman-Fried, the former CEO of FTX.

The seizure is part of the legal case against Bankman-Fried, who faces charges including wire fraud and money laundering.

Bankman-Fried purchased a 7.6% stake in Robinhood in May 2021, with 90% of the 56 million shares being owned by him and the remaining 10% by FTX co-founder Zixiao (Gary) Wang.

The shares were later used as collateral for a loan from cryptocurrency lender BlockFi and became the subject of a dispute between SBF, BlockFi, and FTX creditor Yonathan Ben Shimon over ownership.

The shares were frozen by broker ED&F Man Capital Markets in mid-November after FTX and Alameda Research filed for bankruptcy protection.


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