The U.S. Department of Justice (DOJ) has officially seized over 55 million Robinhood (HOOD) shares linked to Sam Bankman-Fried (SBF), the disgraced founder of FTX. This significant development stems from the ongoing legal battles surrounding the collapse of the FTX cryptocurrency exchange. According to a court filing, Sam Bankman-Fried and FTX co-founder Gary Wang acquired more than 55 million Robinhood (HOOD) shares via a holding entity, Emergent Fidelity Technologies. The SBF wanted access to his $455 million HOOD shares to cover his legal fees, but the DOJ stepped in. Now, according to the latest reports, the DOJ has officially seized the Robinhood shares of SBF.

The U.S. Department of Justice (DOJ) has seized more than 55 million shares of Robinhood (HOOD) stock owned – via a holding company – by Sam Bankman-Fried, further complicating the already complex web of legal proceedings. These shares, originally acquired through a holding entity, were at the center of a dispute regarding ownership and potential use for covering legal expenses.

According to a court filing, the US Department of Justice (DOJ) has, through a holding company, seized more than 55 million shares of Robinhood (HOOD) held by Sam Bankman-Fried and associates. This action underscores the severity of the charges and the government's commitment to recovering assets related to the alleged fraud and mismanagement at FTX. The future of these seized Robinhood shares remains uncertain, as they will likely be subject to further legal proceedings and potential distribution to creditors who suffered losses in the FTX collapse. Stay tuned for further updates on the FTX US DOJ seizure of 55 million SBF's Robinhood shares.