Who will end up recovering the 450 million dollars of Robinhood (HOOD) shares held by the Antiguan company of Sam Bankman-Fried? This is a question whose outcome seems difficult to determine, the ex-CEO of FTX having taken legal action to counter the attempt to recover them by the American federal authorities.
Where Will Sam Bankman-Fried’s Robinhood Stock End Up?
We announced it on December 23, the few $450 million worth of Robinhood stock (HOOD), currently owned by an Antiguan company owned by Sam Bankman-Fried, are at the center of a battle between multiple entities to determine who will rightfully own them.
It would finally seem, according to exclusive information from the Wall Street Journal, that it is the American justice which is about to get its hands on these 56 million sharescurrently stored with the broker ED&F Capital Markets.
🎙️ Listen to this article and all the crypto news on Spotify
Indeed, it was a New York court that ordered that the federal authorities seize these actions, while the latter are also contested by BlockFithe bankrupt cryptocurrency lender who has also filed a complaint against Sam Bankman-Fried to this effect.
However, it is difficult to determine where these actions, whose value reaches several hundred million dollars, will end, as justice itself seems distraught, according to one of FTX’s lawyers:
“The ownership of these Robinhood shares was an open question before the seizure took place. […] These actions were already problematic. »
Indeed, Sam Bankman-Fried claims ownership of these shares, of which he is the actual holder via his Antiguan company, except that these were also promised as collateral to BlockFi by Caroline Ellisonin charge of Alameda Research.
FTX’s current management, meanwhile, is claiming ownership of the shares in order to repay the creditors of the bankrupt exchange.
👉 Trade your cryptocurrencies on dYdX, a complete decentralized exchange (DEX)
Trade on the leading DEX
⛓️ A platform at the heart of DeFi
Sam Bankman-Fried believes these actions belong to him
According to a document filed Thursday, January 5 by Sam Bankman-Fried’s lawyers, the latter believes that his actions belong to him and that he needs them “to cover his legal costs” – we are talking about 450 million dollars – and has , Therefore, sued to get them back.
And yet, beyond the fact that the sum here allegedly necessary for the defense of Sam Bankman-Fried seems disproportionate, it is unlikely that these actions will be due to him.
And for good reason, at the end of December, we learned that SBF and Gary Wang had contracted a sum of loans equivalent to $546 million from Alameda Research to finance certain acquisitions, including Robinhood shares.
Whatever happens to those Robinhood stocks, time should do some sorting through this mish-mash about FTX and Sam Bankman-Fried, the date of the latter’s trial being currently set for next October.
👉 In the News FTX – Former FTX lead attorney collaborated with US authorities
The best way to secure your cryptocurrencies đź”’
🔥 The world leader in crypto security
Source: Wall Street Journal
Newsletter 🍞
Receive a summary of crypto news every Monday by email đź‘Ś
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
539 items
