Robinhood has agreed with the United States Marshal Service (USMS) to buy back shares valued at $605.7 million owned by Sam Bankman-Fried, founder of the bankrupt crypto exchange FTX.
Earlier this year, the United States government seized 55 million shares of HOOD, owned by Sam Bankman-Fried and FTX co-founder Gary Wang, through the company Emergent Fidelity Technologies.
Robinhood, a popular trading platform, has signed with the United States Marshal Service (USMS) to buy back shares valued at $605.7 million, owned by Sam Bankman-Fried, founder of now-bankrupt crypto exchange FTX. Earlier this year, the United States government seized 55 million shares of HOOD, owned by Sam Bankman-Fried and FTX co-founder Gary Wang, through the company Emergent Fidelity Technologies. The share repurchase agreement was approved by the Federal Court of New York for the Southern District of the United States on August 28. This information appeared in a United States Securities and Exchange Commission (SEC) statement dated August 30. Shares of Robinhood rose around 3% to $11.21 in the early hours of Friday.
