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Robinhood Strikes $605.7M Deal With U.S. Marshals To Reclaim Shares Seized From Bankrupt FTX Founders

In keeping with Reuters’ latest report, Robinhood Markets Inc. (HOOD) has introduced a staggering $605.7 million cope with america Marshal Service (USMS) to purchase again shares beforehand owned by Sam Bankman-Fried and Gary Wang, the co-founders of the now-bankrupt crypto change FTX.

Robinhood Makes A Bullish Transfer

Robinhood Markets Inc. (HOOD.O) introduced this Friday that it has inked a $605.7 million share buyback cope with america Marshal Service (USMS) to reclaim inventory initially owned by Sam Bankman-Fried’s holding firm, Emergent Constancy Applied sciences.

The U.S. authorities took custody of Robinhood’s shares following the chapter filings final yr of Bankman-Fried’s FTX change and his holding agency, Emergent Constancy Applied sciences.

The crypto buying and selling platform revealed that the U.S. District Courtroom for the Southern District of New York has greenlit the sale of 55.3 million shares at a value of $10.96 every. Robinhood initially made its intent identified in February, stating that its board had given the go-ahead to proceed with shopping for again most or all the seized shares.

A mere half-year earlier than FTX’s chapter submitting final November, Bankman-Fried disclosed proudly owning a 7.6% stake in Robinhood. Regardless of this vital stake, he had no plans to grab management of the retail buying and selling service. Bankman-Fried expressed enthusiasm about Robinhood’s enterprise outlook and hinted at potential collaborations between the 2 platforms. 

As soon as a distinguished determine within the crypto growth, Bankman-Fried had amassed an estimated internet price of $26 billion and had grow to be a notable political contributor in america. Nonetheless, the downfall of FTX wiped his once-staggering wealth.   

SBF Is Set To Face Trial In October

Set for trial in October, except delayed, Sam Bankman-Fried, the founding father of the now-insolvent FTX change, continues to say his innocence in opposition to the costs he faces. The previous CEO of the change reportedly plans to enlist skilled witnesses in his protection to substantiate his claims of innocence.

Sam Bankman-Fried is reportedly assembling a workforce of seven skilled witnesses to strengthen his protection. These specialists are anticipated to be compensated at a price of $1,200 per hour for his or her testimonies in help of FTX’s erstwhile CEO.

With such charges, the protection’s expenditures for these skilled witnesses alone may attain a staggering $8,400 per hour—a big sum contemplating that high-profile trials of this nature usually lengthen over a prolonged interval.

Per the discover from the protection, Bankman-Fried’s skilled witnesses are set to supply insights on a variety of matters. These embrace marketing campaign finance laws, the monetary workings of FTX and its affiliated firm Alameda Analysis, in addition to the software program structure of the crypto change.

In response to Bankman-Fried’s announcement of his skilled witnesses, the federal government has submitted a movement to disallow their testimonies. Prosecutors contend that the credentials of those specialists, together with their submitted disclosures, are fraught with “various shortcomings” that warrant their exclusion from the case.

Supply: https://coinpedia.org/information/robinhood-strikes-605-7m-deal-with-u-s-marshals-to-reclaim-shares-seized-from-bankrupt-ftx-founders/

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