Robinhood Shares Worth More Than $450 Million Were Taken From the Co-founders of FTX

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Last Updated on January 9, 2023 by Bitfinsider

The U.S. Department of Justice took more than $456 million worth of Robinhood shares from Sam Bankman-Fried and Gary Wang, the co-founders of FTX.

A court document from January 6 says that the shares were taken because they were part of illegal money laundering or wire fraud.

Last week, a lawyer for the Justice Department said that it was seizing Robinhood shares linked to FTX worth hundreds of millions of dollars. Bankman-Fried then went to court to stop his creditors from taking over his share of Robinhood.

The disgraced former CEO owns 90% of Emergent Fidelity Technologies, a company that owns more than 50 million shares of Robinhood stock. Bankman-Fried gave up his job as CEO of FTX when the company filed for bankruptcy in November.

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