The seizure followed the December 9 indictment of SBF for charges including wire fraud, money laundering, securities fraud, commodities fraud and campaign finance violations.

Shares in Robinhood (NASDAQ: HOOD), the popular finance trading app, owned by Sam Bankman-Fried (SBF) and FTX co-founder Gary Wang through a holding company called Emergent Fidelity Technologies, have been seized by the US Department of Justice. The shares worth over $450 million, were held in an account at brokerage firm ED&F Man, and allegedly purchased with a loan from Alameda Research, SBF’s own hedge fund. (Crypto News)

The DOJ informed the fact of the seizure, which also included $20.75 million currency, to the court handling the bankruptcy of BlockFi.

“The Government expects that the evidence will show that Bankman-Fried defrauded FTX customers by misappropriating their funds for his personal use, including to invest for his own account, to make undisclosed venture investments, and to cover billions of dollars in expenses and debts of Alameda Research, a cryptocurrency hedge fund also founded by Bankman-Fried,” the DOJ said in a January 6 filing.

SBF was initially arrested in the Bahamas after the collapse of FTX and held in a jail in that country in December as a result of criminal charges filed against him by US prosecutors. However, he was extradited to the US and released after posting a bail of $250 million.

He is currently under house arrest.

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