Robinhood Bought Back Sam Bankman-Fried's Stake From US Government For $606 Million

Robinhood announced it has purchased more than 55 million shares of the firm previously held by former FTX CEO Sam Bankman-Fried, which were seized in January by the U.S. Department of Justice as part of the criminal case against FTX and its executives. CoinTelegraph reports: The purchase had been expected. Robinhood's board of directors announced the approval of the deal in the company's Q4 2022 report, and an Aug. 30 SEC filing said the U.S. District Court for the Southern District of New York had approved the purchase "free and clear of any claims, interests, liens and encumbrances." Robinhood made the repurchase agreement with the U.S. Marshals Service. "We are happy to have completed the purchase of these shares and look forward to executing on our growth plans on behalf of our customers and shareholders," said Robinhood chief financial officer Jason Warnick.

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