The 55 million shares seized by US authorities belonged to Sam Bankman-Fried and fellow FTX crypto exchange co-founder Gary Wang
Popular trading platform Robinhood (HOOD) has agreed with the U.S. Marshals Service (USMS) to buy back its $605.7 million worth of shares owned by former FTX cryptocurrency exchange CEO Sam Bankman-Fried.
The share repurchase agreement was approved by the U.S. District Court for the Southern District of New York on Aug. 28, 2023, according to an Aug. 30 SEC filing.
In early 2023, the U.S. government seized 55 million HOOD shares owned by Bankman-Fried and fellow FTX co-founder Gary Wang through holding company Emergent Fidelity Technologies. Robinhood shares rose about 3% to $11.21 at the start of the Sept. 1 trading session, the publication said.
In August, it became known about the termination of Robinhood’s cooperation with cryptocurrency market maker Jump Trading, which refused to operate in the U.S. market due to tighter regulatory scrutiny.
In the second quarter of 2023, the revenue of the brokerage platform Robinhood from operations with cryptocurrencies fell by 18%. Over the past year, Robinhood’s brokerage platform’s total revenue fell by 4%, from $202 million to $193 million.
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