FTX Founders, SBF, Gary Wang’s $455 Million Robinhood Stocks Taken by Feds from UK Company

The infamous Robinhood stocks of Sam Bankman-Fried and Gary Wang were found and taken by the United States Department of Justice, after finally tracking it down to a United Kingdom-based holding company. The FTX lawsuit's latest development is this massive $455 million value Robinhood stocks which both executives purchased allegedly with investor money.

More than 55 million worth of Robinhood stocks are under the DOJ's custody and all there is to Bankman-Fried and Wang's name remain under investigation.

FTX Founders' Robinhood Stocks Were Taken by Feds

According to a recent court document on the FTX case, DOJ recently seized the Robinhood stocks owned by executives Sam Bankman-Fried and Gary Wang. It was retrieved from a holdings company based in the UK and is a key factor in this ongoing case, and Bankman-Fried's fight in the upcoming trial.

Coin Desk reported that these stocks are crucial to SBF, as he will use these to pay for his legal team and the entire defense of the team.

Allegedly, these are also the same Robinhood stocks purchased by SBF and Wang using money borrowed from the crypto trading firm, Alameda Research.

FTX Lawsuit's Ongoing Probe

In the recent retrieval of the stocks, Justice valued it at the Friday market price of Robinhood which is at $8.25 per share. The 55 million worth of stocks is a whopping $455 million which Bankman-Fried and Wang own, also allegedly hidden by the executives, hence the holding company from the United Kingdom.

There was no further information shared by the DOJ and Robinhood refused to comment on this development.

FTX's Downfall and Issues

The most surprising turn of events over the past weeks was FTX's bankruptcy which changed a lot for the company, especially when it was unable to pay its investors and traders on the platform. During this time, some massive issues and controversies tied its co-founder and former CEO's name, with claims from other executives and the company regarding suspicious activities.

FTX previously said that during this time, they observed SBF's actions, and there was a case where the co-founder transferred digital assets to the Bahamas for his gain. There were more allegations from his company against him, and it all led down to this lawsuit against the company, where more was revealed and made known to the public.

SBF plead "not guilty" on the preliminary plea hearing of the case, and it is now bound to go on trial by later this year to determine who is saying the truth. The case against FTX's executives and the company will need to bring more of the unknown transactions and holdings to the public eye soon, with the Robinhood stocks marking the beginning of it.