Key Points:
As mentioned in an earlier Coincu News article, Robinhood shares worth $450 million are still in the process of an ownership dispute between three parties, including SBF, the bankrupt cryptocurrency company BlockFi and FTX creditor Yonathan Ben Shimon.
FTX has determined that Emergent owns only “in the name” these shares, which belong to their company. The bankrupt cryptocurrency company said in the filing that “Emergent is a special-purpose holding company and appears to have no other business.“
According to Department of Justice counsel Seth Shapiro, one of the requests was “connected to Robinhood shares, which the federal government has also confiscated,” in a Delaware bankruptcy court on Wednesday.
According to Shapiro, “We believe these assets are not property in the bankruptcy estate” or exempt, and thus they do not need to be frozen like most FTX assets, pending wind-up.
To prevent criminals from profiting from the proceeds of crime, Shapiro stated that assets had been confiscated from or were being processed for seizure from several banks, specifically noting Silvergate, a lender intimately associated with FTX.
Later, an attorney for FTX from Sullivan and Cromwell, identified on a screen as Brian Glueckstein, said he wanted to make it clear that these seizures were related to the Department of Justice’s ongoing investigation into Bankman-Fried, not to FTX’s bankruptcy case as a civil issue.
Bankman-Fried entered a not-guilty plea on Tuesday to several counts brought by the DOJ, including wire fraud and money laundering.
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