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<p class="speakableTextP1">The US Division of Justice has seized greater than 55 million Robinhood shares owned by FTX co-founders Sam Bankman-Fried and Gary Wang valued at over $455 million, based on <a target="_blank" href="https://www.scribd.com/document/619024732/U-S-Department-of-Justice-and-SBF-s-Robinhood-Investments" rel="noopener noreferrer nofollow" data-component="externalLink">court documents filed Friday</a>. The worth is pegged to Friday's share worth of $8.25. The inventory was with a UK-based holding firm. </p><p class="speakableTextP2">Bankman-Fried is preventing to carry on to his shares, arguing that the funds are wanted to pay his authorized protection and saying that he and Wang legitimately purchased them with funds borrowed from FTX hedge firm Alameda Analysis, CoinDesk mentioned in a separate <a target="_blank" href="https://news.yahoo.com/sam-bankman-fried-seeks-keep-092307223.html" rel="noopener noreferrer nofollow" data-component="externalLink">report</a>.</p><p>The US Division of Justice and Robinhood did not instantly reply to requests for remark.</p><p>Information of the DOJ's seizure comes as Bankman-Fried faces mounting authorized troubles following the collapse of cryptocurrency trade FTX. The lack of <span class="link" section="shortcodeLink"><a target="_blank" href="https://news.google.com/personal-finance/crypto/doj-investigating-372-million-in-missing-ftx-funds-reports-say/" rel="noopener">hundreds of millions of dollars in FTX customer funds</a></span> has damage <a target="_blank" href="https://economictimes.indiatimes.com/markets/cryptocurrency/spectacular-trading-drop-plagues-still-reeling-crypto-market/articleshow/96851249.cms" rel="noopener noreferrer nofollow" data-component="externalLink">confidence in the cryptocurrency market</a>. Bankman-Fried <span class="link" section="shortcodeLink"><a target="_blank" href="https://news.google.com/personal-finance/crypto/ftx-co-founder-sam-bankman-fried-pleads-not-guilty-to-fraud-charges/" rel="noopener">pleaded not guilty</a></span> to fraud expenses earlier this month. FTX is now being run by John Ray III, who's overseeing the sophisticated chapter course of. He <a target="_blank" href="https://www.coindesk.com/business/2022/12/22/ftx-ask-judge-for-help-in-fight-over-robinhood-shares-worth-about-450m/" rel="noopener noreferrer nofollow" data-component="externalLink">asked a judge last month to freeze FTX stock</a>, a transfer opposed by Bankman-Fried. </p><p>FTX was one of many largest cryptocurrency exchanges on the planet <span class="link" section="shortcodeLink"><a target="_blank" href="https://news.google.com/personal-finance/crypto/the-fall-of-ftx-and-sam-bankman-fried-a-full-timeline-of-events/" rel="noopener">before collapsing late last year</a></span>. Bankman-Fried and different prime staff had allegedly misused buyer funds in dangerous investments that started to fold because the crypto market noticed a serious slide in 2022. </p>
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